Renting a Business Premise: A Helpful Guide for First-Timers

When in doubt, always check if there is room for negotiation. A great way to gauge if you’ll have an amicable relationship with your soon-to-be landlord is to find out how flexible the lease terms are.

Be sure to work out any terms or aspects of the agreement that need revision with your potential landlord to ensure you get the best deal that works in both your favours.

Can the space be modified?

While it is possible to find the perfect space with just what you need for your business, most likely, the space will need some fixing up or alterations to accommodate your business operations or office layout.

So, before you sign the lease on a commercial property, check with the landlord if it is acceptable to modify the space (interior or exterior). Some landlords may request that the space layout remain as it is or allow slight modifications within their stipulations.

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What amenities are available?

Amenities and building facilities are among the most important things to take note of when leasing business property. Some vital office amenities include internet access points, pantry, washrooms, electricity and air conditioning.

Aside from providing a productive and comfortable working environment, these amenities and building services will also count towards your monthly rent, maintenance costs, cleaning and more. If you’re on a budget, this may impact your leasing decision. 

Is the building up for sale?

Once you’ve viewed the building and decided to proceed, there is another matter that you shouldn’t overlook. Be sure to have a conversation with your future landlord about whether or not they intend to sell the commercial property you’ll be leasing.

Rest assured that you won't be affected if the property is sold during your tenancy term. Essentially, the property buyer will inherit any tenants and be the new landlord. However, if your landlord has given you a heads up about a possible sale, you should enquire whether the new owner would possibly occupy the premises themselves and choose not to renew your lease.

To sum it up, if you keep these points in mind, you’ll find your new office location in no time. Before you take the plunge and sign on that dotted line, take your time and weigh the pros and cons of the commercial buildings you’ve set your sights on.