Renting a commercial property requires a significant amount of investment. It will take time to find the ideal property, and it is most likely to be one of the highest outgoings your business will make. And after all that effort you have put in searching for the right space, you want to ensure you are getting the most benefit from your real estate.
Here are some factors to consider to help you get the most value from your rented office property:
Good lease negotiation is essential
The single most important thing you should do when looking for office space is to negotiate the best possible lease. Favourable lease terms can provide the tenant with an instant competitive advantage throughout the tenancy. Your commercial property agent will first negotiate the bigger issues first, including lease length and rent, and then address the minor issues such as rent-free period and repairs responsibility later in the negotiations.
Business Rates and Service Charge
An inevitable aspect of renting office space is paying business rates and service charges, which the tenant is always responsible for. Ask your commercial property agent to review your business rates liabilities to ensure you are paying the correct amount. Many tenants are able to appeal the amount they pay on business rates and it is well worth getting a business rates review when you move to new premises.
Building Inspection
Many office properties seemingly appear to be in good condition, but there could be issues relating to the property that are in desperate need of repair that may not be obvious to the undiscerning tenant. Consider having a building surveyor look over your property before you sign the lease to check for any major building issues. This will also give you some leverage during lease negotiations.
Size of Office Space
You should know exactly what your requirements are before searching for office properties. You need to know the minimum square foot necessary, as well as any must-have amenities. Use the Office Space Calculator to help you determine what size property will best suit the size of your business.
Utilities
Moving to a new premises provides you with the perfect to opportunity to review your utilities to ensure you are getting the best service standard and paying the most competitive rates. With so many comparison sites available online, it’s now easier than ever before to get online quotes and switch utility companies if necessary.
For more help renting and finding the right office space, use this Office Space Checklist.
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