How to Lease Office Space

by Uncategorized

Office Space

Leasing office space is a popular choice for business owners these days. Some company owners lease rather than buy office space as they want to try out a new area but don’t want to commit to the location for a long period of time. Other business owners choose to lease office space as it is a cost-efficient method for them and the operating budget of their company. No matter what the reason may be, office space leases are high in demand and there are plenty of commercial landlords out there ready to answer the call of company owners.

Even though you are not purchasing the office space, you still want to proceed in the right way and have a game plan in effect before choosing just any location. When considering how to lease office space, the following tips will help:

  • Research Prospective Locations: The first step to leasing office space is to research the prospective locations. Do you want to lease an office in the city or do you prefer the suburbs? A single office setting or three floors in a high rise building? Parking available or indifferent as to this feature? Before you choose to sign a lease anywhere, you need to be certain that the area you choose will suit your business best. Therefore, research possible locations first before looking at individual office spaces.
  • Know Your Budget: It’s also important to know how much you can afford to spend on an office lease. Whether you are a startup company or have been in business for many years, you have to acknowledge how much you can spend on rent and know that once you sign the lease you are responsible for making the rent when it becomes due.
  • Consider the Square Footage On Your Current Location When Choosing an Office Space to Lease: In order to have a good idea as to how much room you will need in your new office space, consider how much square footage your current place of operations contains. If you are planning on expanding your company at the new location, make sure that you account for this expansion when it comes to evaluating the size of your new office space.
  • Have A Tenant Representative By Your Side During The Process: The best way to make sure that you find the right location for your new office space lease is to have a tenant representative help you out. A tenant representative knows the ins and outs of commercial office space leasing and will guide you in the proper direction the entire way. This professional will help you to find the right place to lease as well as enable you to have the right representation when negotiating your new lease with the landlord.

These are some helpful hints for leasing commercial office space and ultimately choosing the right location for your company. When you have a firm grasp as to what you want in an office space lease and know how to obtain that lease, the end result will be the ideal office space setting for your company.

Office Lease Options: The Best Time To Exercise

by Uncategorized

In commercial leases, there are many clauses for tenants to pay mindful attention to, in addition to reading the entire lease carefully, of course. However, the Lease Option clause is an extremely important one to be on the lookout for prior to signing a commercial office space lease. This is the clause which will tell you when, and if, you will be able to renew your lease when the time comes to do so. Even if you have no current plans to renew your commercial lease or are unsure as to whether you plan to stay in the location once your lease expires, it is always wise to ask for one of these clauses to be put into the lease, if it isn’t already.

Why Is A Lease Option Important?

There are a few reasons why tenants who lease office space should be sure to have a lease option included in their commercial lease. First, this type of option to renew provides the tenant with a future plan should they decide to stay in their office space and renew the lease for another term. It guarantees that you won’t have to pick up and move if you are not ready to when your current lease expires. Secondly, an option to renew in the lease will lay out the details of the cost of your rent when you renew and help you to be certain that the price at which you renew is acceptable to you. It provides you with a way to lock your current lease rent amount into place for the future. Lastly, with the cost it takes to relocate a business, you want to know that you won’t have to if you don’t want to. You can feel confident in knowing that you won’t have the expenses of relocation down the road.

When Is The Best Time To Exercise The Lease Option?

The best time to exercise a lease option to renew will depend on the language in your current lease (or the lease you are about to sign if this is your first time entering into a lease with the new landlord). The Lease Option clause will highlight when you must exercise your lease option in order for it to be valid. This will often depend on the state you are in and what the normal notice is for commercial tenants who wish to exercise their lease option with their landlords. Always pay close attention to the time period stated within the lease because if you fail to exercise your option to renew on time, your landlord basically doesn’t have to let you stay in the premises unless they want to overlook the delay in exercising the lease option and allow you to stay anyway.

Having a lease option in your commercial office space lease is simply a smart idea overall. Just because such a clause is included in the commercial office space lease does not lock you in to renewing your lease when the time comes. If you choose to move to a different location at the expiration of your current lease and not exercise the option to renew, you are free to do so. It is just a good idea to have such a clause in place should you wish to maintain your business at its current location for another lease term.

Tenant Improvement Allowance For Your New Office Space Lease

by Uncategorized

Office Space

As a commercial business tenant there are plenty of details to iron out, even before you move into your new office space. Once you have narrowed down the choices to a particular office space and walked through the building to make sure that everything is to your liking, the next step prior to signing the lease is to see what, if any, tenant improvements you will be making to the premises once you get in there. Before you sign the lease, you must negotiate a tenant improvement allowance with the landlord. You will often find that the landlord will not freely agree to any amount you want for tenant improvements and you will most likely have to negotiate. The following will show you how to do so with the greatest rate of success.

Identify and Properly Document Requested Tenant Improvements

When you go through the commercial office space prior to signing the lease, write down what tenant improvements you will be making and what you would like the landlord to cover as a tenant improvement allowance. In addition, take pictures of the items to show the landlord as this will help to support your case that such tenant improvements are needed. Make sure you have the photos and written notes on the items when you meet with your landlord.

Prepare Price Quotes for Each Tenant Improvement

Before meeting with your landlord about these tenant improvements, go online or to home improvement stores to figure out what each item would cost. If the tenant improvements are more voluminous in nature, you can contact contractors to see what they would charge for the requested improvements. As with the photos/written notes on the tenant improvements, you should also make sure you have these figures with you when meeting with the landlord to discuss your requests.

Consult With Your Tenant Representative throughout the Process

You should also have a tenant representative by your side when leasing office space. This individual will come in extremely handy during this type of office space lease negotiation process. The tenant representative will know the best ways to help you get what you want out of the tenant improvement allowance.

Be Prepared To Compromise If You Really Want the Office Space

In the end, if you want this particular office space and the landlord is not willing to yield on all of your tenant improvement allowance requests, try to be willing to compromise. This will get you a few of the requested tenant improvements and still allow you to lease your desired office space as well.

Not every office space for lease will be in tip-top shape the moment you lease it. There may be a need for improvements in order to ensure that it is exactly how you want it to be. Many office space tenants are willing to lease a less than perfect office but acquire tenant improvement allowances from the landlord so that the finished product is what they envisioned in the first place. Again, not every landlord will be willing to accommodate completely but by following the tips listed above, you will be more than likely to get the results you want from your prospective landlord.

What You Must Know About Leasing Medical Office Space

by Uncategorized

Many medical professionals choose to lease rather than buy medical office space. Doing so allows the professional to ensure the spot is right for them and gives them access to medical office space without the hassle of a purchase. However, due to the type of office use, medical companies and corporations must know a few things prior to choosing office space to lease for medical purposes.

Find Out About Allowable Usage of the Leased Premises

Landlords may only allow certain activities to go on within the premises. Although your future landlord knows that you want to use it for a medical office, you must inquire about the finer details prior to leasing the office space. As you are a medical entity, you will be disposing of hazardous waste and perhaps using various x-ray machines to properly evaluate patients. You should provide this information to the prospective landlord and review the tentative lease thoroughly to ensure that all things related to your medical practice are ones which will be allowable under the lease agreement.

Issues Related to Hours of Operation

If you are going to operate a 24/7 urgent care facility, you want to ask the landlord if any special provisions will apply to you in this case. For example, utility issues may come into play for those tenants who need 24/7 access, especially if the landlord pays the utility bill. Always ask the landlord about this if you fall into this category and double-check the lease to see whether it speaks of this issue or not.

See What the Prospective Office Was Previously Used For

Since it is often timely and expensive to convert a once non-medical office building into a medical office, you want to inquire as to the previous use of all offices you are considering to lease. You will find that by leasing an office which was previously used in the medical profession as well will make the transition much easier on you and your staff. There will already be the necessary exam rooms, waiting areas, bathrooms and other necessities of the medical field. If you can lease an office space which was once a medical office, you are ten steps ahead in the game already.

Landlord’s Right to Inspect

A landlord has certain rights with regard to the premises, even when the tenant is in there. One is the right to inspect. This can present some issues for medical offices as there are patients coming and going and they have a right to privacy. Therefore, always ask the landlord when they can enter the premises and make sure they can do so without stepping on the privacy rights of others.

When you lease medical office space, there are often more issues involved than with a regular office space lease used for general office duties. Know that by asking questions related to hazardous waste containment/disposal, hours of operation issues and the landlord’s right to inspect along with making sure the office suits your medical office space needs, you will be sure to pick the right location for your medical office.

Tenant Representation Commercial Office Space

by Uncategorized

chicago office space listings

Commercial office space leasing is a highly sought after route these days for business owners, especially in the Chicago area. When company owners lease office space they are able to take advantage of various amenities and benefits which those who buy commercial real estate often go without. Before heading out on the search for the right office space to lease in the Chicago area, you simply must have tenant representation on your side. Tenant representation is when a tenant advisor or tenant representation firm guides the business owner tenant through the process and helps them with not only finding a commercial office to lease but also walks them through the leasing process to ensure that the tenant is well informed throughout the process.

Tenant Representatives Lead You in the Right Direction during Your Search

With the amount of commercial real estate options available these days, it is easy to stray off of the path and get lost in the options. With a tenant representation specialist by your side, you can be assured that you will stay on track until you locate the ideal office space to lease. Tenant representatives are well versed in this field and know how to take your helpful insight and what you want in a commercial office space lease and find that exact option for you.

The Help of a Tenant Representation Firm Makes Understanding the Process Easy

The commercial real estate leasing process is not always the easiest to understand. When you have a tenant representative by your side, any questions which you may have along the way will be answered. The tenant representative will walk you through the process and make sure that you get the commercial office space lease which will suit your business best.

Tenant Representatives Represent Tenants Only, Not Landlords

Another great thing about hiring a tenant representative to help you with the commercial office space leasing process is that these individuals represent tenants alone, never the landlords of the buildings. This ensures that your tenant advisor will have your best interests in mind the entire time. They are in the arrangement to help you to find the office space lease you need and get the best deal possible. Tenant representatives will be with you when you speak with the prospective landlords and make sure that at the end of the day, your best interests are served.

Going into the leasing process without a tenant representative by your side can be a troublesome event. When you lease commercial office space or start the search for an office to rent, you want to be well prepared. By having a tenant representative with you, the fact remains that you will be taken care of in your search for commercial real estate. Before you even start looking for properties, contact a tenant representation firm to see what services they offer. Your future tenant representative will guide you along the way and make sure that the future office space which you lease is one which you will be happy to have acquired.