FAQ
What Type Of Lease Is Being Offered?
Knowing the type of lease being offered is one of the most important items to consider when looking at properties for your new space. The type of lease determines how your rent bill will be calculated. Ask to see a sample copy of the property’s lease to review it beforehand.
What Amenities Are Included?
This is one of the most essential questions to ask when leasing a space. Understand what building services are included in your monthly rent, such as repairs and maintenance, cleaning assistance, electricity, heating and air conditioning. Additional costs can have a huge impact on your decision.
How Much Parking Is Allotted?
If you have multiple employees, you’ll want to make sure you have enough parking for everyone. We will make sure that the parking specifications are included in the lease agreement to alleviate concerns that will affect your team.
Can Changes Be Made To The Current Layout?
Can you make changes to the office space layout?
Before signing a lease on a commercial building that you plan to rearrange, it’s best to get such approvals in writing. Some building owners may require that you leave the building layout the way it is or optimize the space within their guidelines.
How Long Does The Whole Leasing Process Take?
This is arguably one of the most important questions to ask. If you are not in a rush, you may be able to, either wait for the perfect opportunity, or renovate an almost-perfect commercial property to meet your needs. Nevertheless, the timeline is highly dependent on the type of space you’re planning on occupying. Based on the office solution you choose, this number can change drastically.
What Is The Minimum Lease Term?
A lease term length can be a decisive factor in your property search. Typically, commercial properties offer lease contracts with a minimum term length of a few years. Many contracts require a 3 to 5 year commitment. Longer terms can be more flexible, while shorter terms are often a bit more restrictive. However, long-term contracts give you more negotiating leverage and security with predictable rental costs.
What Insurance Is Required?
Often times, commercial landlords require a certain level of insurance coverage. Be sure to alert you of the type and amount of insurance coverage that’s required by the lease, and how it affects the fixed rent.
Is There Room For Expansion?
Have a growth-plan projection just in case you need to expand your team or services in the future at the same location. Determining this factor upfront will save you from needing to relocate in the long run.
Is There A Build-Out Budget?
When you lease commercial space, you’ll want to put together the right external team to customize your workplace. Typically, companies work with architects and designers to turn their visions into reality.
What Is The Usable Square-Footage?
When considering spaces, be aware of the loss factor, that is, the percentage of difference between the rented space and the usable space. Usable square footage, or “USF”, is space you are able to use as you please, such as conference room space, open seating areas, lounge space, etc. However, rentable square footage, or “RSF”, on the other hand, is space that you pay for but that you’re not actually actively using for your business — like stairwells, electrical closets, utility rooms, lobby space, etc.