Commercial Office Leases: Back to Basics
It is important that you go into the process of leasing office space fully prepared and that you have a basic understanding of what you do and don’t want included within the office lease. Not forgetting that an office lease is a legally binding agreement, so from a legal perspective, you are going to need professional advice from a Property Solicitor before you commit to anything.
You must have a basic understanding of what length of office lease is most suited to your business aspirations and financial limitations. Signing an office lease on a 1,200 sq. ft. office for a 5-year term when you are expecting staffing levels to increase over this period would not be practical. Think ahead when looking at lease length and think about what size your business might be towards the end of the lease term.
It is essential that you are aware of other costs (in addition to the rent) associated with the office lease. For example, what areas of maintenance are you responsible for? Ongoing service charges, repairs, insurance and utilities? Get accurate figures from the Landlord and factor them into your Moving Office Budget so there are no nasty surprises further down the line.
Don’t forget to think about how you are going to terminate the office lease; what notice period you are expected to give, and also whether a break clause should be included. A break clause will enable you to terminate the office lease before it expires; allowing you for more flexibility during the term of the lease.
Your Property Consultant will do a great deal of negotiating on your behalf to secure the best deal, know what you want, and what you must have - but also be prepared to compromise as you are unlikely to get an office lease tailored to your exact specification. Equally important is the ability to walk away if the Landlord is unwilling to accommodate your requests. There are many other landlords out there who will!
Get to grips with the basics of relocating your business with this free Office Relocation Checklist.
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