How to successfully negotiate an office lease
If you are an expanding business, you may find yourself in the position of having to find new office premises. Although this is a positive sign for your business, there are lots of things you should be aware of in order to successfully negotiate the lease of a new office.
Office relocation can be a major step in both your life and the life of your business and it can not only be a daunting experience but also an expensive one, so it is important to be properly prepared.
Do your research
It pays to do your homework and carry out some thorough research in order to really understand the market you are going into. This will help you to gain a good idea of what type of space you can get for your budget. Contact a few property agents to get a feel for the price of different sizes of office space available so you can form an idea of what you are likely to be able to afford.
Form key relationships
When you are organising an office move, it is a good idea to meet the other party and develop a relationship with them, in this case it might be the landlord or maybe their agent. You will find it much easier to negotiate an agreement once you have met with the person or people face to face and built a rapport with them. In this way you can work together to avoid any unnecessary problems as well as address any issues that might arise during lease negotiations more efficiently.
Be familiar with key terms
There is a range of key terms which only appear on commercial rental agreements, so you therefore might be unfamiliar with these terms. However, it is imperative that you understand the terms which will accompany your contract, mainly because it will determine what you are getting for your money. Understanding what areas your rent will cover is highly important and will prevent you from getting stung later down the line for things such as interior maintenance or cleaning.
A commercial lease is a major financial agreement so you should always seek legal advice before you enter into anything to ensure you understand fully what you are agreeing to.
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