Signing an office space lease is something that needs careful consideration and research. After all, choosing an office space can either hold you back or make your business soar! Outlined below are several mistakes you might not be aware of that you’re making.
Underestimation of Your Negotiation Power
Never underestimate your negotiating power! While your landlord has authority over many aspects, they’re not an all-powerful being. Remember that your landlord wants to have that office space lease signed because their goal is to keep the building filled. This is a business after all, so don’t doubt your ability to bargain for a reasonable price.
Remember to Check the Lease Terms
Don’t skip the fine print on your office space lease, especially in terms of maintenance.
Some places will state that maintenance is covered strictly by the landlord/agency, meaning that only their workers can repair your office. If your lease doesn’t allow the tenant to perform repair, the leasing company can charge you an unreasonable fee for their service, no matter how small the task.
Check for Hidden Costs
One hidden cost could be hidden as a pre-existing condition written in your lease. For example, your landlord may require you to return the space rented to its original state before you leave. Before you get busy and start renovating, keep in mind that the money spent renovating your office space might equal the amount spent undoing it.
In addition, see what concessions are included with the lease. You don’t want to be paying an additional charge for something that’ll be used every day. If there’s a concession that you want included in the rent, try negotiating it in your lease (you have more power than you think!)
Understand the Length of Notice Required for Moving Out
It’s easy to forget about moving out, since you’re so focused on moving in. However, it’s important to think about the scenario of moving out or relocating to another floor. To prevent legal fines, make sure your lease has a long enough notice to allow you to evacuate.
Invest in Tenant Insurance
Lastly, purchasing tenant insurance protects you from unexpected situations. In cases of theft or building damage, tenant insurance lets you claim the amount of money that you lost. Buying insurance also covers your liability in case your landlord decides to sue you for damage caused by negligence.
We’re bound to make mistakes when facing something new for the first time, especially when it comes to understanding legal contracts. By having a good broker and following several of the tips above, you’ll be sure to sign an office space lease that you’re happy with!