The Cost of Leasing Office Space
Leasing office space will be one of your company's largest costs, and you will need a detailed understanding of all the costs associated with leasing office space before signing the office lease.
You can analyze the costs of leasing office space by using the Moving Office Budget Planner. It lists all the likely costs for you so you are able to compare the cost of each property on your shortlist and work out which property suits you best from a financial perspective.
To evaluate an office lease, you must first gather all the costs and information on each shortlisted property:
- What is the rent of the property and is it subject to any annual rental increases over the term of the office lease?
- What property maintenance costs are you (the tenant) responsible for? Be aware of buildings that require a lot of work doing to it - particularly if you are responsible for forking out the costs.
- Operating costs of a building - find out exactly what your portion of the common areas of the building will be. These might include electrics, water, and cleaning of corridors.
- End of term Obligations - find out to what extent you are required to "make good" any alterations you do to the property during your tenancy. You should agree to remove your alterations only if you have a highly specialized build-out.
Effective office lease negotiating done via a Tenant Rep Broker can resolve these issues and save your business thousands of dollars. Find a Tenant Rep Broker in your City to negotiate on your behalf and secure an office lease that meets your financial aspirations.
Download the Moving Office Budget Planner here to analyze all the costs associated with leasing office space.
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