Renting office space is a detail-oriented and sometimes even frustrating experience, even more so than leasing retail space or renting a warehouse. Renting or leasing commercial property is also much different from renting a house or apartment.
The demand for storage and commercial space is constantly increasing, which means that as a business owner, you need to be smart about how, when, and where you rent. So whether you’re a beginner or a veteran, here are five tips to help you out.
Smaller is Better
Not only do smaller spaces often cost less, there are far more opportunities for small businesses to share large, divided spaces. More and more landlords are recognizing the value of small businesses, and as such are modifying traditionally larger spaces to accommodate small businesses.
Get Your Desired Duration
Whether you’re leasing office space for a year or a decade, there’s a very good chance that you’ll get your wish. In the past, many landlords would only lease fora set period of time due to high demand, but increasing numbers of spaces are willing to negotiate in order to keep a successful business where it stands.
Accept Your Security Deposit
Many landlords are a bit lenient when it comes to security deposits, but only by a very small margin. Small business owners entering into an office lease agreement often underestimate the importance of a security deposit to landlords, which can cause issues. Bottom line: pay the required deposit.
Learn Your Market
As with any rental or lease, it’s important to be knowledgeable about both renting property and cooperating with property management. Small business owners often feel that they can negotiate a lease or rental on their own, but the reality is that unless you’re extremely well-versed in the process, you may want to work with a broker instead.
Leasing office space takes a bit more knowledge and practice than you may have originally thought. Not only do you have to assess your own needs, you must be willing to see the property owner’s perspective and needs, as well. However, with the help of an educated professional and these four tips, you could be on your way to locking down a successful rental in no time.