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Lease or Rent Office Space?

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Do you know the difference? Most people use the terms interchangeably, but there is a difference. When trying to figure out what people are looking to do, we investigate both alternatives. Google tells us that their average monthly search volume for the fol owing terms are:

  • Office Space for Rent 27,500
  • Office Space for Lease 60,500
  • Office Rental 90,500

So it looks like more people are looking online to rent office space than to lease office space. What do they really mean? They are probably not sure themselves.

Here are the definitions from Wikipedia:

Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law.

Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets. The relationship between the tenant and the landlord is called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease). The consideration for the lease is called rent.

Diffen clears it up a bit with:

"Rent is defined as a payment made periodically by a tenant to a landlord in return for the use of land, a building, an apartment, an office, or other property. A payment or series of payments made by a lessee to an owner in return for the use of machinery, equipment, etc.

Lease is defined as a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation. The property leased"

Here is their kicker:

"Standard rental agreements are month-to-month, and there is no set period of residence. Both the landlord and tenant are free at the end of each 30-day period to make changes to the rental agreement, subject to any rent control laws. A lease has a finite term, which is often a long period of time, generally in years. During this time period, also known as the duration of the lease, the tenant and the landlord are bound to uphold the terms of the written agreement."

So, unless you are really looking for an office space on a month to month, short term basis, you would want to Lease Office Space instead of an doing an Office Rental. Based upon our experience, very few people are looking for a month to month office rental and it is the terminology that has confused them in what it is they really want to do, which would be Lease Office Space!

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1 response to “Lease or Rent Office Space?”

  1. Small Office Space Says:
    Understanding basic terms are important before getting into the act.