Leasing Office Space: 7 Questions to Ask Before Signing
Finding and leasing office space can be a daunting and time-consuming task for businesses, particularly startups and small businesses with a limited budget. For that reason, it is invaluable to find an expert in the field like L.B. Andersen to make this process as easy and seamless as possible!
As an entrepreneur, you need a trusted commercial real estate company to navigate the ins and outs of renting commercial space. We will help you avoid potential mistakes that can lead to consequences that may negatively affect your business.
The process of leasing office space can be seamless, especially with a trusted partner like L.B. Andersen. Our agents can help you to review any lease information and agreements and understand all expectations. Continue reading to see 7 important questions to ask before renting an office space and how commercial leasing companies like L.B. Andersen can assist in this process.
- 1. Is the Office Location Safe for My Employees?
- Office location is critical for entrepreneurs and business owners, because it can impact your employees' job satisfaction rates and work-life balance. Before signing a lease, you should consider the new office location and evaluate different factors, such as safety.
Safety in the office can substantially affect your business's key performance indicators (KPIs). Likewise, it results in better employee satisfaction and retention.
- 2. What Services and Amenities are Included?
- It’s important to consider the quality of services and amenities before signing any lease agreements. Office amenities are helpful for small businesses to engage employees and increase productivity.
The purpose is to create a workplace culture and improve brand reputation by immersing employees in a unique environment. We suggest ensuring that any potential rental space has access to the following amenities:
- Functioning HVAC system
- Conference rooms or shared space
- Security system
- Up-to-date appliances
- Fast and reliable Wi-Fi capabilites
- 3.How Much Will the Office Furniture Cost?
- Reliable office furniture creates a comfortable working environment for employees, which can increase overall wellness and productivity within the workplace. However, purchasing new and high-quality furniture is expensive and can cripple your budget. If you already have furniture, you can move it to the new location, but you must determine the cost of transportation. Comfortable office furniture includes durable and ergonomic desks and chairs, workspace partitions, and collaborative equipment for a productive work environment.
While most landlords do not furnish a commercial space on behalf of tenants, you can always question whether the furniture is available from the previous lease. You can sometimes even negotiate with the landlord or broker to acquire the furniture at a reasonable cost.
- 4. How Much Will the Landlord Raise Rent?
- Your lease agreement is a contract between you and the landlord of the space, and your landlord may increase the rent of the office space at the end of the current lease period. However, your rent cannot be raised without sufficient notice. Make sure that you understand tenant laws in your state before leasing out an office space to avoid any surprises.
- 5. Who is Responsible for Repairs and Maintenance?
- While renting a commercial space, you can often negotiate with the landlord and agree on specific terms related to repairs and maintenance. For instance, you can ask the landlord to take care of major repairs and replacements, such as the foundation, roof, insulation, and parking lot. It’s important to have a clear understanding of leasing terms related to repairs and maintenance before leasing a space.
- 6. Can I Make Changes or Modify the Office Space?
- As long as you and the landlord agree, you can modify or improve the office space to meet your needs and your employees' requirements. Ensure the lease agreement clearly mentions any kind of "improvements" to the space to avoid any complications and confusion.
- 7. How Much Parking Space Can I Utilize?
- Having enough parking space is essential for a business with multiple employees and clients. Consider the parking situation when evaluating the commercial/office space to determine how that will affect your business. If your business requires regular customer interaction, keep in mind that parking creates the first impression for customers and ensures positive interactions.
Understanding how much parking space you and your employees/customers can utilize is important and becomes even more crucial if the building has multiple offices.
Although finding a new office space can be stressful, working with an experienced partner can make the transition seamless. At L.B. Andersen, we pride ourselves on being a trusted partner and fair negotiator for all of our clients.
To learn more about commercial real estate in the Chicagoland area, contact LB Andersen. Our team of experts are on top of the latest commercial real estate trends and here to help you find the perfect property. Posted on 12/21/2022