How to Lease Office Space for your Business
Whether you are just starting out as a new business, or expanding from a home business into leased office space, you need to get clued up on how to choose the most ideal office space for your business and secure a favourable lease agreement.
Choosing office space for your business can be an enjoyable experience, but it's also one you need to get right. These points will offer some guidance on how to lease the right office space for your business:
Prerequisites
Determine the prerequisites of the space (size, location, facilities and style of office building). Use the Office Space Calculator to find out how much office space you are going to need.
Financial
Consider your financial situation and how much office rent you can ideally afford. Use the Moving Office Budget Planner to identify all the costs associated with leasing office space.
Appoint Agent
Appoint a Property Agent who is local to the area where you are looking for office space, and one that specialises in office property and acting on behalf of tenants.
Office Space Brief
Discuss your office space requirements and office lease priorities with your appointed Property Agent and agree approximate timeframes. Top TIp: When considering office lease priorities, small / start up business are better opting for a shorter office lease or longer with the option to renew. Then, if you grow faster than anticipated, you have the freedom to move or expand.
Market Analysis
Ask your Property Agent for an analysis of market rents being acheived in the local area you are looking and what type of office leases are being agreed so you have a good idea of what is achievable.
Viewing Properties
View a range of office properties with your Agent, making sure you use the Office Space Checklist so you can rate each property according to your business and space requirements.
Shortlist Properties
Shortlist around 3 properties. Your Property Agent will then commence office lease negotiations to see which deal suits your business the best. Find out what the rent includes: taxes, insurance, repairs, utilities. Record these items in your Moving Office Budget to ensure you can financially afford it before committing to anything.
Legal Advice
Before making a selection and signing anything, make sure you ask a Property Solicitor to review the office lease. This will ensure everything you have agreed (verbally) with the landlord is correctly documented and your legal interests are safeguarded throughout your tenancy.
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