Factors such as these may make the difference between your calling the shots or a landlord nickel and diming you throughout the lease process.
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To compare different office spaces, you have to know the exact usable square footage of each space you are considering. Usable square footage is less than rentable square footage because it deducts common areas such as public corridors, elevators, lobbies and bathrooms from the overall calculation. Permitted use of the premises. An office lease typically has a section that sets forth the permitted uses of the leased space. It is to your advantage to make this clause as broad as possible, even if your intended purpose is initially narrow.
Because your business may grow and your plans may change, you want the flexibility to use the space in any reasonable, legal manner. Term of the lease. Landlords are typically willing to make concessions for longer-term leases. Try to negotiate a shorter-term lease with renewal options — a two-year lease with four two-year renewal options, for instance, rather than a ten-year lease. Rent and rent escalations.
6 tips to negotiate your commercial lease renewal
Some landlords will give free rent for the first month or two of a lease. Fixed rent over longer-term leases is relatively rare. If your landlord insists on rent escalations, try to arrange that a CPI rent increase does not kick in for at least two years. Common area maintenance, HVAC and operating costs.
Take into account operating costs that the landlord may pass on to you. Some leases require the tenant to pay for cleaning, building security, electricity, HVAC heating, ventilating and air conditioning , maintenance and repairs. Learn why your professional power team is so important and how to select the right ones to ensure a smooth and advantageous transaction. This Masterclass is part of the The London Growth Hub Property Advice Service programme , which is designed to give owners of small and medium-sized businesses the knowledge, expertise and confidence to help them to take on a lease.
Delivered by Nwes on behalf of the London Growth Hub, the programme of support gives individuals the chance to access a free 2-hour, one-to-one session with a property expert as well as a series of free masterclasses and panel events to allow participants to get expert advice. Negotiating or renegotiating a lease, or searching for premises and intending to take on a lease within the next 6 months?
15 Tips to Negotiate a Favorable Retail Lease
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Description Are you starting out in business and looking for the ideal property to lease? Or you may be coming to the end of your current lease and need advice on next steps?
Not sure whether a commercial lease is right for your business? Are you a London-based SME and are currently: Negotiating or renegotiating a lease, or searching for premises and intending to take on a lease within the next 6 months?
5 Tips for Negotiating a Commercial Lease Agreement | LegalZoom
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