Four Things To Consider When Reviewing Your Leasing Contract

December 24, 2015

LeasingContract

When it comes to renting an office space, it is a big decision. It takes time to find the perfect space for your business. However, once you find it, it often gets tricky as you negotiate the terms of your lease.

Here are some things to consider when looking through your contract.

  • Price. Often the price is determined by the size of the space that you are renting or leasing.
  • Conditions. Many contracts define what you are allowed to do with the space that you are renting. It will define what types of repairs and improvements that you are allowed to do within your office space. However, most of the time, when you are finished with the space, you have to return it back exactly the way that you got it.
  • Terms of the lease. Many businesses and property managers prefer longer leases for security purposes. You have to determine how long you are comfortable in a lease. Then, you can negotiate the price increase. Most leases go up annually but if you stay for several years, you may be able to cut a break with your property manager.
  • First chance at other opportunities. Many times, property managers give their good customers a chance to look at other office spaces when they become available, before they go on the market.

A contract is important to protect your business. You can negotiate the price, condition, and terms. You have to decide how long you are willing to stay and, hopefully, if you stay for a few years, you will get a break in the annual price increase. You can also negotiate what you are allowed to do within your space, though it is going to have to look the same when you are finished with it. You may also get a first chance to look at other office spaces when they become available, instead of waiting for new ones to go on the market.

Contact us to help you find the perfect office space.

 

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