Renting Rightly

Searching office space is a very tedious task. Mostly office space is searched in order tostart a new start-up business or a franchise company.It is not like searching a house for rent where you can rent a house which will fit in your budget. For renting house,you need to be very specific of where the house is located, it may be near to what you are searching for or far, you can always adjust, but when it comes to renting an office space, the location matters greatly.If you find the right place, there are many other constrains that you need to be consideredlike price, legality of the place, whether it is easily accessible for employees.

Choosea location that is near to people who work for you. This is very essential whether its short term office space rental or for long term. if you already have team of people working for you, making sure that office place is close to where they reside, or if you don't have a team yet, search a place where you think you can find people with talent.

Along with employees it is important that the place is situated close to all the clients.The public transport must be close tooffice.There must be free ways for vehicles to move and park.

Another thing to consider is what amenities you want near to your office.When people are willing to work, they usually prefer to work in a place which has a coffee shop closeby. If your business requires to visit other places make sure they are not too far from the location.

 

Once you find the right place to set up your office, next thing to consider is the cost or rent you are willing to pay.Be certain that you maintain thebudget to rent the space. Don't go too far and buy a very expensive place which will end up in more debt and this in turn will lead to compromising in your business.

When you choose a space, rent is not the only thing that you will be paying. It is important to understand that you might also need to pay light bills, utility bills, water bills and other things that are included in the building.For office set up you might require to modify the place according to your business or may require some repairs to be done. Sometimes these expenses are taken care by the landlord itself.Make sure that all this work is done within time.

There are some amenities that come with the space itself which will help in keeping you, your employees and their belongings safe. Check if you can find a security guard along with the place your renting.There must be 2 security guards at least, one during working hours and one for after workinghours.The office space must be big enough to fit your employees. All must have their own desk to work.There must be some extra space if you are planning to grow your business and employees. Also make sure that there is parking space available for the employeeswho might come to work on their own vehicles.

There are a lot of office renting space available in America that provide you with lot of thing along with space.Lets understanding what they are.

They have categorized renting space into three sub categoriesusable space, common area, rentable space. The usable space is the actual space you will be using to set up your office. The common area is the part of the area where you will be having restrooms, kitchen, canteen, snack room. The rentable spaceis the sum of both common area and the space you will be using to set up the desk.This is the total square foot for which you will be paying the rent.Once you understand what you are paying for that place, you need to understand whether you want to pay monthly orannually. Usually if it is temporary office, monthly payment of rent is preferred.

f you are new to all this, there are agents whom you can hire to help you rent the place. You might have to pay some amount to them as well, but this will help you in getting the exact location you want.There is no point in simply calling all the number everytime you see to-let sign. Or negotiate lease without knowing what rates are running that particular areas.

There are 4 people involved when it comes to renting aspace.The tenant broker, the tenant, the landlord, the landlord broker.The tenant is the person who will be signing the papers for renting the place. The tenant broker is the middle man hired by tenant who will help in finding the right space and sorting all the legal documents. The landlord is the person who owns the place and another person who signs the documents as handing over the place and landlord broker is the person hired by the landlord to search the right tenant for himand sorting all the legal documents from his end.

If you are renting the space for small business, there is no need of brokers. The negotiation takes place between tenant and the landlord. But for larger businesses brokers are hired.They also help in negotiating the rent and lease conditions.If you hire a broker you need to pay them a certain percent of gross value of your rentwhich is known as commission. The tenant broker will pay his broker and the landlord broker will pay his.Usually they receive 4 or 5% of gross value. 

 

Once you get the lease documentsmake sure to read them carefully and have all the things listed in detail for which you will be paying yourself.

The lease might just say utility, but it is always better to list in detail what those utility include so thatthere is no misunderstanding later or the landlord might demand for payment of things that are not listedand say it comes under utility.

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