Questions to Ask Your Landlord before You Lease a Property

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Moving into any new property—especially an office—is stressful business. A thousand questions might flood your mind, but it is important to keep calm and cool throughout the process of looking for space to utilize for your professional purposes. You want to make sure that you’ve found the perfect place for you. You want to know for a fact that you’re getting the best deal possible. You want to ensure that the landlord is a person that you can actually do business with. These are absolutely normal thoughts and concerns to have; however, right about you’re about to sign that lease you want to be certain that you’re making the best decision for your needs and goals. So, right before you make that final decision make sure to ask the landlord some of the following 10 hard-hitting questions:

1) Is the lease short or long-term?

2) Do you pro-rate rent?

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3) Where and how is rent paid each month?

4) Are there additional fees on top of the rent?

5) Is there property management on site?

6) Are there regular inspections of the property?

7) Are there rules against personalizing your office?

8) If there is a deposit, is it refundable?

9) Is there any maintenance work that I am responsible for?

10) Are there any improvements or construction planned for the building in the near future?

This is one of the most important steps in finding the perfect location for you. If you require additional service in finding office space in the Chicago area, consider contacting a tenant representation service to help you throughout the process.

The Difference between Renting and Leasing Office Space

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When choosing office space, most business owners think about the location or the interior design. However, one of the most fundamental questions to consider when approaching the decision is whether to rent or lease. While many people think of these two terms interchangeably, they are actually very different arrangements that can have an impact on your business.

A rental agreement is typically a month-to-month contract that is renewed automatically at the end of the month unless the landlord or tenant specifically says otherwise. By contrast, leasing office space is a longer commitment, usually with contracts for six months or a year. Leases are not automatically renewed, but they can be renegotiated or changed to a rental agreement.

A rental agreement provides more flexibility. However, rental agreements are also subject to change. This means that the landlord can raise the rent or change other factors of the agreement at any time. Since a lease is a longer commitment, the terms cannot be changed throughout the duration of the contract, which provides increased stability.

Although the month-to-month contract may appeal to business owners for its flexibility, the unpredictability of these contracts can make it hard to plan ahead. Moreover, if the terms change unexpectedly, the property may become unaffordable or impractical. For this reason, many businesses will benefit from leasing office space for their business goals.

Affordable Office Space Lease: Considerations To Follow

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chicago office space listingsA lot of consideration goes into leasing commercial office space. This is not a small-term or residential lease, so you want to be sure that the office space you select is one which will fit your needs as well as your budget. Not sure how to accomplish this goal with certainty? The following three factors are important considerations to take note of when leasing affordable office space and ones which will greatly help with the final decision.

Structure and Layout Will Dictate Price

When searching the various office space leases, keep in mind that the structure and layout will dictate how much you spend on the overall lease cost. You want to consider if you are going to embark on any structure changes and how much that will cost you. An office space which is ready to go and needs little revision to the structure or layout will save you money and be the most cost effective lease arrangement.

Location Is a Determining Factor with Lease Cost

Where your prospective office space is located will be a factor in how much you pay. Consider the desired location carefully when you search as this can save money. By moving a short distance away and refocusing your search on a neighboring area, but still one which is beneficial for your business, will oftentimes offer a reduced cost. How much an office space landlord charges for rent will depend on the location and the demands associated with it. If you are considering two different locations, where one will be more cost effective, consider the pros and cons to see if the less expensive location will be just as efficient as the pricier one. This will save money and leave you with an office space location which is reasonable in price and will serve your company just as well.

Lease Terms Can Coincide with a Reasonable Price

Chances are that the landlord will have a set price in mind for the lease. However, this doesn’t mean that terms are non-negotiable. The more beneficial the lease terms are for the tenant, the higher the lease price may be. With that said, the future commercial tenant must always negotiate for the best possible terms and still aim for a reasonable price. No lease terms are concrete and everything is up for negotiation when it comes time to discuss the lease. The tenant should always broach favorable lease terms and seek out an affordable lease cost while obtaining exactly what their company needs in an office lease.

Finding an affordable office lease is not an unattainable goal. It can be achieved by choosing an appropriate structure and layout for your office space, picking the right location which will also be cost effective and making sure that you get all of the lease terms to suit your needs and the needs of your company. Although commercial office space leasing may be competitive in certain areas, there are still plenty of options to choose the best office space lease which will accommodate your company or corporation perfectly without having to pay a fortune.

Choosing Office Space in Chicago

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With so much office space in Chicago, it can be hard to know the right location for your business. Do you pick a spot in the heart of the city? Or, do you choose a location farther out in the suburbs?

The first thing to consider is cost. Obviously, office space in Chicago is going to be more expensive the closer it is to downtown. Spaces in the suburbs are going to be the most affordable, which can be especially useful for new businesses. It is important to never pick a location that puts too much of a strain on your budget, thereby impeding other parts of the business.

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However, the second consideration is availability. There is a reason that office space in Chicago is cheaper when you get farther away. These spaces are not nearly as accessible, which can limit your business’s ability to attract and retain customers. Many customers prefer a business in a central location that can be accessed quickly on foot or public transit. Only loyal customers are going to spend time on the train to visit a business that is far away.

Ultimately, whether you choose a location closer to or further from the city is often a question of balance. To pick the best option, look for an office space that is as close to the city as possible and within your budget.

Office Space Negotiations

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Commercial office space lease terms can be lengthy, especially when compared with their residential counterparts. However, there always comes a time when a lease term is up and it’s time to either renew or look for a new office space in which to relocate. Landlords are often in a better place at this time since they know that it’s no easy task to get up and relocate your entire business. Therefore, negotiating terms is often on the side of the landlord. With that said, this doesn’t have to be the case, especially if you show signs of interest in moving to a new location.

Look Around at Other Office Space Leases in the Area

When the time comes to renew your lease, you don’t want to be scrambling trying to find possible alternatives to your current location. You should know what other options are out there in case you and your landlord cannot agree on favorable lease terms with a new lease. Also, by checking out the other alternatives, you are letting your landlord know that you are not 100% set on renewing the current lease, which may make the landlord more likely to offer new lease terms which are more favorable to the tenant in the leasing contract.

Discuss Future Lease Arrangements with Current Landlord Well in Advance

Another easy way to show your current landlord that you may, or may not, be renewing your lease with them is to sit down with your landlord and discuss the future lease terms. Before you commit to a new lease with your current landlord, you want to be sure that this will be the best move for you and your company. If your landlord feels as if you have no other option but to stay in your current location, they will be less generous with the lease terms which they offer. You don’t want to be put in that position so be sure to get a feel for what your landlord will be offering if you decide to renew your commercial office space lease.

Utilize the Services of a Tenant Representativechicago office space listings

An additional way to let your landlord know that you are searching for other accommodations is to hire a tenant representative. When you utilize the services of a tenant representative, your landlord knows that you are not just going to settle for any and all terms which the landlord offers to you and you will be fighting for the best tenant-oriented lease terms possible. Your tenant representative can help out, no matter whether you decide to renew your current lease or venture out to find a new location in which to set up your company.

As a tenant, you still have flexibility when it comes to getting the best possible lease terms in a renewed lease. Just be sure to explore all options and don’t let your landlord believe that you will automatically renew your lease for lack of any other options as this will not help you to obtain the best lease terms should you choose to renew.