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A Few Things to Consider Before Signing an Agreement for Office Space for Lease

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Renting office space can be exciting and overwhelming all at the same time. In some of those anxious moments, it can easy to get caught up in all the excitement and sign a lease agreement that has unfavorable terms.  Since the success of your business largely depends on the right rental terms, you’ll want to check out a few important details whenever you are considering office space for lease.

The type of lease that’s being offered can make or break your business, as some could result in your paying large additional charges you weren’t prepared for. The common types of commercial leases are:

  • Percentage lease, which involves you paying a base rent in addition to a percentage of your monthly sales (retail leases)
  • Net lease that includes base rent and a nominal charge for taxes and insurance
  • Double net lease that requires you to pay rent in addition to the entire cost of taxes and insurance
  • Triple net lease which mandates that you pay rent, taxes, insurance and maintenance fees
  • Fully serviced lease or gross lease in which the landlord pays for additional expenses and then passes them on as a “load factor and increased from a base year.”

When choosing a fully serviced lease, it’s important to understand what the load factor and base year means. It is essentially a way to calculate the total monthly rent when a tenant has usable square footage in addition to common areas. For example, a business could occupy space in a building where stairways, restrooms and entryways are common space. In this instance, the load factor covers the expense associated with maintaining these areas, spreading them evenly among all who use them. The base year is the year in which you must pay for any excess expenses over the amount for that lease year. You have to be careful that the base year is current or in the future when signing a lease.

Although you may be offered a deal for signing an extended lease, if you’re a startup or growing business, you should be leery about doing so. That’s because you just might find the needs of your business change a great deal over the first couple of years. For this reason, you should consider a short-term lease that’s between one and two years if you are a brand new company.

It’s also a good idea to ask about initial improvement allowances, remodeling or redecorating when signing a lease. Most long term leases will include a tenant improvement allowance. Make sure you know if that is on a rentable or useable square footage bases. It can make a difference of 15% or more. You may choose to build cubicles, add new carpeting or paint the walls once you settle in, so you need to know if this is something that’s allowed. Many times, minor modifications are allowed as long as the structural integrity of the building is not altered in any way.

When it comes to choosing the right office space, the terms of a lease are every bit as important as the location. Your best bet is to have an Office Tenant Representative on your side. There is no additional cost to you, so it is a no lose situation. You will save money and avoid costly mistakes. To find office space with exactly the right terms for you, contact us today.

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By: James Osgood

Office Leasing Tips , Office Relocation , Office Rental , Office Space , Office Space Negotiations , Tenant Representation

Small Office Spaces: Getting Your Small Business Out of your Home

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Many small businesses start in a home office, garage or basement. And many business owners struggle to figure out when the right time would be to venture out and rent office space. We specialize in small office spaces, especially for those just starting or looking to move out of the house. 

We have office agents in more than 550 leasing markets across the nation. Whether you are looking for an executive office, virtual office, medical space, serviced office, we can match your needs and budget with an agent to find the right type of office space for you. You can finally have someone on your side rather than working with the agent that represents the leasing company or building management. 

The next scary step for small business owners is negotiating the lease terms and conditions. Our leasing experts help you every step of the way. We can help negotiate lease terms, length, price and so much more. Having someone help you work out all the small details in a lease can help you avoid pricey mistakes. 

The best part of the service is that it is free. There is no charge for us to help you find the perfect rental space for you and your business. Please contact us to see how we can help you and your specific business. We look forward to partnering with you to help your business thrive! Let us do what we do best, so you can stay focused on what you do best!

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By: James Osgood

Home Office , Office Relocation , Office Rental , Office Space

Advantages of Renting Office Space vs, Buying

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Surely if your business is firmly entrenched in the market, you have significant financial resources, and you plan on keeping your business in the area for many, many years to come, buying your commercial office space may be the way to house your business. Yet, you may still want to consider renting an office space. Here's why:

  • Lower Initial Investment - You won't tie up money you could use in your business. Many businesses get a higher return from their core business than they would from buying an office and the associated savings and appreciation.
  • Fixed or Adjustable - Every homeowner knows the pros and cons to this option. Do you want to pay the same amount every month for your property, or do you want to gamble with the potential of rising office rental rate costs. Ultimately, the market will tell dictate what your business will pay for rent. In a down economy, the idea of renting can be lower cost and offer significantly lower risk. The unfortunate Catch-22 here is that if the economy is good, your business will flourish, but you may end up paying some of that profit back in rent. But, then again, isn't that a nice problem to have?
  • Flexibility - Renting your office space also affords a business the opportunity to grow their office space along with the growth of their business. As your business expands with staff, operations, and more; renting an office will allow you to buy more or less office space as the situation dictates accordingly. This level of flexibility can provide a business owner with the peace of mind of knowing that they're not locked into an enormous space if they don't need it or too small of a space if their business has outgrown it.

More Information on the decision of whether to buy or rent office space.

"OfficeFinder, LLC" is the leading web based office space referral and information network, with highly qualified local office space leasing and sales professionals in over 550 markets. 

Contact us today to find the right location, negotiate the best price, and avoid costly mistakes. We would love to help your business find the best property available!

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By: James Osgood

Buying Office Space , Office Leasing Tips , Office Rental

Getting A Great Deal On Your Office Space For Rent

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If your business is new or growing, you need to save money everywhere you can. There are many expenses associated with starting or growing a business and they're not all planned expenses. Wouldn't it be nice to have an even bigger cushion of funds than you planned on originally?  That's entirely possible when you work with a professional to find your office space for rent.

One of the biggest mistakes business owners make is in choosing the first location for their business.  Maybe it's because they're so excited and eager to get things up and running that they don't take the time to choose carefully.  Or, perhaps it's just lack of experience that results in a need to upgrade to a new property sooner than they thought they would.  For many, however, it's not knowing what the rental market is like for businesses like theirs.  That's why working with a professional office tenant representative is really importnant.

If you're not familiar with the office rental market in your area, it's easy to pay too much for a space that's nowhere near big enough for you. There are also tons of other costly mistakes you can make.  Even though paying too much is a common mistake, that doesn't mean it has to be one that you make.  When you work with OfficeFinder, you'll find our professional services to be second to none in our industry.  We've helped countless, businesses just like yours, find the perfect property that's the right size and the right price.  

If there's one thing we've learned in this business, it's that it's important to have someone you trust on your side.  You need to have an advocate working for you, who has your best interests at heart.  That is what a tenent representative does for you and all at no cost to you.

We'd love to talk to you about your business.  Where do you see yourself in a year?  How about five years?  Why not contact us today, and find out how we could help you find a great deal on the perfect location?

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By: James Osgood

Lease Negotiations , Office Leasing Tips , Office Relocation , Office Rental , Office Space Negotiations

Office Space Leasing Is Not A “Do It Yourself” Project

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People often think office space leasing is not much different than renting a condo, apartment or house. Having leased residences in the past, the business owner may think that doing it alone is the way to go. This can be a huge mistake!

You are an expert on your business, but you don’t often deal with leasing office space. Probably no more often than every three to five years has your business grown to the point you have rented larger office space or have decided to go for a better location. Landlords are experts on leasing office space because they do it all the time. You need an expert in office space leasing on your side, too. Choose a well-qualified tenant representative to allow you an even playing field with negotiations.

Do not think that involving an office tenant representative in the office space leasing process will cost money and result in paying more rent. This is a complete misconception. In fact, the cost of services of a qualified tenant representative is normally included in the asking price whether you choose to use the services or not.

When negotiating an office space lease, an office space tenant rep will save you money and make certain you don’t make any costly mistakes. The confusing verbiage of the lease can easily be explained by the tenant rep of your choice. After all, the landlord most likely has a commercial broker listing agent to represent him or her. The landlord’s agent will try to ensure the landlord gets the best price for the property possible. Why shouldn’t you have a qualified tenant rep by your side as you enter into negotiations for an office space?

Even if you already occupy a great office space, when it comes time to renew the lease, your tenant rep can help you get the best renewal lease possible. If you are considering vacating you current office and moving into another location, a good tenant rep will help you locate the perfect space and help you negotiate the new lease.

Entering into negotiations with a tenant rep will save you money in several ways. The office space leasing process is quite complex and often confusing. The decisions you make will impact the price you pay each month for the space in which your business resides, resulting in an impact on your profits. The numbers and line items in the lease can be translated by the tenant rep into simple language you can understand, allowing you to make sound decisions during negotiations.

The knowledge and experience of the tenant rep allows him or her to have a grasp of current asking prices and lease incentives. With the guidance of an expert tenant rep, you have the subtle leverage you need when negotiating the lease and any changes you find necessary such as tenant improvements. Also, the tenant rep will make sure you have the documentation you need to protect yourself and your business during the duration of your lease.

Going it alone in the office space leasing process simply doesn’t make sense when there are qualified tenant representatives available to help you and it won't cost you to obtain their services. There are a few questions you need to ask when choosing the right tenant rep for your needs:. These include:

  •    Can you commit the time necessary to work with me on negotiating the lease?
  •    Do you primarily ask as a tenant advocate as opposed to a real estate listing agent?
  •   Are there any potential conflicts of interest if we work together on this negotiation process?
  •   What experience do you have in negotiating leases such as the one I am considering?
  •   During the last 3 years, how many tenant representation transactions have you handled?
  •   What is your philosophy on office space lease negotiations?
  •   Do you enter into an Exclusive Representation Agreement when working with a tenant?
  •   How will you be paid? What commission do you expect to earn?
  •    What if I am not happy with your services?

If you want to lease the perfect office space and pay as little rent as possible while enjoying the maximum benefits and incentives, do not attempt to negotiate without a tenant rep’s involvement. The tenant rep’s job is to ensure your interests are protected and get you the best possible deal. It just makes good sense to have a local commercial broker who has an excellent reputation for helping get tenants the best possible lease benefits to assist you with the office space leasing process. Commercial property leases are simply not “Do It Yourself” projects; Office Finder services are readily available to provide the expert experience you need

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Top 3 biggest mistakes office tenants make (on SlideShare.net)

Lease Negotiations , Office Leasing Tips , Office Rental , Office Space Negotiations , Tenant Representation