Lease Checklist: Negotiating the best lease
You've found the ideal office space for your business, and now you need to focus on getting the best deal possible on your rent and lease terms.
Get representation
When it comes to getting the best deal on your lease terms, the most important thing you can do is make sure you are represented. You will want a tenant rep broker and lawyer working on your side to negotiate on your behalf and advise you which clauses you ought to be negotiating.
Measure the space
Don't automatically assume that the square footage amounts to what the property is advertised at. Take your own measurements, or have your office design company do a full appraisal of how much square footage is actually useable.
Rent reviews & increases
The rent review clause is an important one for the future security of your office space. Try to get a fixed percentage rate of annual increase so that you are not met with any surprises at your rent review.
Understand the market
The more familiar you are with the market and any recent, similar deals to yours, the better equipped you are to achieve a favorable deal. This information will be key to good negotiation and getting a landlord to come down on price.
Make sure you have the option to renew
At the end of the lease, make sure you are given the option to renew. You may not want the upheaval of relocating at the end of the term if the space suits you. If you find the market is lower than it was at the start of the lease, you can always renegotiate.
Ability to sublease
Make sure that any restrictions to sublease are lifted. If you have space available at the start of your lease, you may want to sublease part of it to another tenant to help with the costs. Conversely, if you grow, you want to be able to move and sublease the space.
To find tenant representation in your area, search our member directory.
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