Office Lease Negotiation Tips
Taking on a commercial office lease is a major commitment for any business and legal advice should be sought in order to safeguard your company against potential pitfalls further down the line.
These Office Lease Negotiation Tips will help you understand the significance of what you are taking on and therefore put you in a stronger position to negotiate acceptable and more favorable office lease terms that your business can benefit from throughout your tenancy.
Start Early: Allow plenty of time to find the right office space and then negotiate the office lease. Typically, this period can extend up to many months depending on the size of your business and the specification of your office space. The last thing you want to do is rush the process because you've left it all too late.
Do your Homework: In order to get the best office lease deal, you need to understanding the market. Ask your Tenant Rep Broker for the latest report on office rental levels to help get a feel for the market.
Don't put all your eggs in one basket!: Give yourself plenty of leverage so you can compare different property and lease options. It's important to be negotiating several properties at once to see which deal comes out best. This will also enable your Tenant Rep Broker to negotiate one deal against another in order to win further office lease incentives on your behalf.
Always use a Tenant Rep Broker: Remember that a Tenant Rep Broker negotiates office leases for a living, and they therefore have far more expertise than you have to negotiate the office lease to your advantage.
Engage your own Real Estate Lawyer: A Real Estate Lawyer will check over the office lease to see whether what has actually been verbally agreed with the Landlord is documented accurately within the office lease, and whether your legal interests are protected.
Understand the Jargon: There's a whole range of legal jargon contained with a commercial office lease and you need to be familar with it. If you're unsure about what it means, just ask your Real Estate Lawyer for clarification before you sign anything.
In all the excitement of moving office, it's easy to overlook what could go wrong. But by following these essential Office Lease Negotiation Tips and having a good Real Estate Lawyer at your disposal, you will be armed with the right knowledge to secure the best office lease deal for your business.
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