It’s no secret that shrewdness and meticulousness are the foremost virtues you would need while searching for your next office space.
However, making deals based on emotions or having a landlord of ill repute can prove disastrous for your business, even before the ink can dry on your commercial lease agreement.
Commercial leases are on an entirely different level as compared to residential leases. A poor choice made on the former can surely get you thrown out of the latter. This is to say that negotiating your commercial lease is a huge business decision, where you cannot afford to make even a trivial mistake.
This, however, doesn’t mean errors cannot or will not happen, but here are some ways to avoid them:
– Go Armed
Armed in this context means to be well informed or having knowledgeable backup by going with a qualified real estate professional or lawyer who is well versed in commercial lease negotiations, which would guarantee you the best possible deal.
Office space for lease in NYC can cost more than an arm and a leg. Hence, using a reputable professional can save you money, not just in the present, but in the future as well.
– Don’t Waste Your Valuable Time
Time is money, and this is even more important when you’re looking for a new office space.
Searching for an ideal location for your business can take an average of 2 to 8 months, and seasoned companies who have been around the block know it.
Therefore, it’s important to invest your time judiciously while looking for a new space and do not defer it for too long. By wasting precious time, you can end up panicking and overpay for it.
– Rejecting Good Value
Sometimes, it’s tough to find value in the real estate market. This can make you lose out on some great offers that may initially seem bad.
For instance, office space for lease NYC might have a lot of competition due to the fact that it’s a popular area to set up an office. However, if you come across a landlord who agrees to offer you a reasonable rent on a property in a prime location, then that’s an offer you can’t refuse.
You might also be told that utilities are factored into the rental cost. However, you should consider that paying a few hundred dollars in monthly expenses is peanuts if you evaluate the thousands you’d have to pay to get those utilities in other places.
– Understanding the Terms and Conditions
Even after hiring a lawyer, it’s still essential to go through every aspect of the lease agreement before affixing your signature, which will ensure that there are no future altercations between you and the landlord.
Also, ensure that you have reasonable clauses included in the agreement. One such clause is the option to sublease or the option to renew. These clauses give your business more flexibility as well as protection in the event of a hostile landlord situation.
In conclusion, commercial office lease is a crucial factor to have a healthy business, and by following these tips, you can protect your company from financial ruin.
Posts by SpeakBindas Editorial Team.