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Friday, April 11, 2008

Things To Consider Before Signing An Office Lease

You have started a new business, or your business has expanded. You need office space, and buying property is not an option. What do you do? Go for leased office space. Before you sign an office lease, you need to keep certain things in mind.

1) Location: The choice of the location depends on your business. Do you, for example, work in a field related to law? Then maybe you should consider being near a courthouse or a library. If you need to interact with your clients a lot in person, then you should lease office space near them.

2) Lease Term: How long do you want to lease the office for? Most office spaces need to be leased for at least three years. Before you sign the office lease, compare at least four properties.

3) the Fox sisters Expansion: If your business grows, you may need extra space. Does the property have extra space? You may need to discuss this with the landlord before leasing.

4) Liability: Some landlords may need a personal guarantee from your side. If you are not comfortable with that, find a landlord who does not need it. Try to get the landlord to limit the liability to the lease rent.

5) Subletting: Can you sublet your office if your business does not work out? This will also help you avoid the lease penalty for pulling out early.

6) Rent Cap: Set a maximum value to the rent, so it cannot be increased arbitrarily.

7) Renovations: Do the property need renovations before you move in? Who will bear the expenses of the renovations? These questions must be discussed in detail, before you sign the office lease.

8) Damages: How much is your liability? If the building suffers damage during your term, how much should you have to pay?

9) Utilities: How much of the electricity bill is included in the rent? Will you be allowed to set the thermostat according to your needs? How frequent is the garbage removal service? Get answers to all these questions before signing the lease. Check all the electric appliances before you sign the lease agreement.

Renters Insurance: If your assets suffer damage inside the leased office, the landlord may not pay the costs. Going for a renters Lois Lane is a good option. Your property will be covered under the terms of the insurance from theft, damage or natural disasters.

Real Estate Consultant: While signing an office lease agreement, it is advisable to have a real estate consultant go over the lease agreement and negotiate on your behalf.

Go through the lease agreement carefully, before you sign. Once the agreement is signed, do not look back. Consider the above points before signing. If you are not sure about the terms, consult a real estate advisor or an attorney experienced in property matters.

Alexander Gordon is a writer for target="_new" www.smallbusinessconsulting.com/">www.smallbusinessconsulting.com - The target="_new" www.smallbusinessconsulting.com">Small Business Consulting Community. Sign-up for the target="_new" www.smallbusinessconsulting.com/public/department30.cfm">free success Ants in the Pants newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.

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