10 Questions to Ask When Leasing Office Space
You have probably already have a budget in mind. Now, how much is that office really going to cost? Following are the top 10 questions to ask:
1) What is included/not included in the rent?
- Make sure you understand what’s included and not included in the rent. For example: utilities are usually covered in the rent, but this isn’t always the case when leasing office space. Understand what you pay for and when.
- Are there any additional fees that you have to pay on a monthly basis.
2) What are the lease terms?
- Ask about alternative leasing options. Sometimes, you can get a better price for a longer term agreement.
3) What services and amenities are available?
- Do you get 24/7 access, wifi, janitorial services with my space? Is there a conference room or kitchen.
4) Do I need renter’s insurance?
- Renters insurance is relatively cheap and is often required by the landlord to have a policy in place. It is a good idea to carry a policy to cover replacement of your personal belongings. The landlord is not responsible for your items.
5) Will the rent increase over the term of the lease?
- This is called a “escalation clause”. Many lease agreements have an annual increase. This could include graduated steps over the life of the lease.
6) Who is financially responsible for maintenance, repairs, and improvements?
- Never assume that maintenance is included in your rent. Are your responsible for the air filters, light bulbs, etc… Always ask what repairs/maintenance needs to be taken care of before move-in and at move-out.
7) What services and amenities are available?
- Do you get 24/7 access, wifi, janitorial services with my space? Is there a conference room or kitchen.
8) What about parking?
- Is there parking in the building? What about guests and client parking?
9) What signage options are there?
- Is there a fee for a monument sign, directory listing, or name plate?
10) Will you be able to sublease?
- If so, what are the terms you or the person subletting will need to meet?
In closing, this may seem like a lot of information to gather, but by taking the time to fully understand your lease now, you can save yourself a lot of time (and headaches) in the future. When it comes to leasing office space, it’s better to be overly prepared than not prepared enough.
For more information or questions:
Contact Angela Skurka, Commercial Broker
630-425-0164
BEI Commercial Real Estate is a locally owned property management, development and commercial real estate firm dedicated to investing in the communities. For 60 years Batavia Enterprises has been an active supporter and participant in local community events and is proud to have helped many local non-for-profit organizations. With properties in Batavia, Geneva, St. Charles, West Chicago, Elburn, Elgin, Sugar Grove and Rockford, the company can provide quality space to help growth and expansion for all types of businesses.
Learn more at www.beicre.com
