Top 10 things you should know before you sign the office lease
Are you planning to move into an office space? Welcome to the world of commercial real estate for lease. It is critical to understand the contract that you are about to sign. The whole process may look challenging so before you complete the legal procedures, perform extensive research from your end. After reading this blog, you will get in-depth insights about office space for lease.
1. Do your research
Take your time to find the right commercial real estate agency and location for your business. Unlike the residential real estate market, commercial real estate is entirely different. Location plays a key role for a business to thrive so do not settle for a mediocre commercial office rental.
2. Do not rush
There are times when you need to slow down to take that important decision in life. When you are going to take up an office space for lease, it is essential to assess your business income generation.
3. Choose the right location
When you are looking for the right commercial properties, take time to find one for your business in a prime location. You will need to do research to identify the best office space.
4. Trust your commercial real estate agent
After researching your commercial real estate agency, from their presence to credentials, trust them to guide you with the commercial lease agreement without any glitches.
5. Lease term
If you want a short-term or long-term lease, determine your budget. With a long-term commercial lease, you would know how much rent will increase annually, irrespective of market conditions. For a start-up company, a short-term lease is the best option where entrepreneurs explore their new ventures with a low-risk rent. You can also scale up or down without any problem.
6. Negotiate wisely
You can negotiate every element on the lease document. There are also a few things that you can negotiate, like office amenities, signage and maintenance. It is wise to work with a rep in order to secure a good deal for you and your business. Read the lease agreement thoroughly and, if needed, ask for modifications.
7. Exit strategy
There may be a situation where you want to move out of the office space before the lease expires. So, ensure that the lease contract defines the way for a seamless exit without any problem.
8. Repair costs
Be cautious about the cost related to repairs. You need to review repair expenses and ensure that they are consistent with the lease agreement. It is essential that the agreement has details on how much you can spend on maintenance.
If your business is expanding, there comes a need to build additional space. It is imperative that your lease agreement should cover what expansion can be made. This helps in case you are scaling up your business.
The subleasing clause is helpful to safeguard your business in the future if you are signing a long-term lease. It allows you to lease out all or part of your space to another tenant.
At Brigade, there are significant commercial office spaces for rent and lease in different locations, including Bangalore, Mysuru, Chennai and Kochi. Our office spaces come with grade A specifications. Some of our commercial properties include:
- World Trade Centre (WTC) in Kochi
- WTC in Chennai
- Brigade Opus, Brigade Senate 1 and 2 and Brigade Magnum in Bangalore
- Brigade Metropolis and Brigade Tech Garden in Bangalore
Brigade never fails to create a dynamic workplace environment and experience. A good working environment is much needed to enhance your brand value. If you are searching for a perfect office space that suits your budget and needs, connect with Brigade Group instantly.