Flexible Office Leases
An office lease invariably involves a big financial commitment for a period of time, so it’s very important to secure the right premises on the right terms. This article highlights some flexible lease options to negotiate with your landlord that will provide you with the flexibility you may need during your tenancy.
Always try to maintain some flexibility by ensuring there is an inclusion of a break clause within the lease. Landlords typically prefer longer leases because it gives them more financial security, but if there is an option to break part way through the lease, it gives you greater flexibility to move out before your term.
When the lease is due for renewal, you want to have some certainty about your renewal rights and make sure that you get first refusal before the landlord has chance to re-market the property to other tenants. Make sure you are clear about what grounds you can renew the lease and whether the rent is likely to increase.
Having the capacity to expand your existing office space is key for a growing business, especially in a competitive market. Additional space may be available in the existing building, or if you are leasing office space on a business park, you may be able to lease a larger office from the same landlord. Be sure to examine and negotiate the terms for renting additional space from the landlord.
Some companies may find themselves with more space than they immediately need during their tenancy, and have the option of subleasing part of their space to another tenant. The landlord’s consent is almost always required for an assignment or a sublease, but be sure to negotiate an allowance for subletting.
Finally, make sure you go into negotiations with several alternative properties in mind, and make it clear that you have several alternatives so the landlord knows he has competition. You may well find that seemingly “fixed” terms suddenly become very flexible!
For more information when deciding what office lease is best suited to your business, download the Office Space Checklist.
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