Renting Your First Office Space? Here Are 10 Top Tips
Looking to rent an office space in Manchester Area?
Here are some tips from Turner Business Centre.
1. Be Strict About Your Budget
Your monthly rent is going to be one of your most significant business expenses, so you want to keep this as low as you can. Many business owners get carried away with their ‘dream’ property and end up with an inflated rent. Calculate the budget you have available for renting your office space, and stick to it.
2. Consider Additional Expenses
The rent you pay for your office space is unlikely to be the only regular expense. Consider heating, lighting, water, electricity, phones, and broadband, among other things.
3. Make Sure You Understand the Lease
Don’t merely take the landlord’s word as gospel. Ensure everything you’ve agreed to is included in the lease, and that there are no hidden surprises. Get your legal representative to go through the lease with you and explain anything you don’t understand.
4. Find Out How Repairs Will Be Carried Out
Be wary about taking on responsibility for building repairs, as these should be down to the landlord to sort out. Have something in the lease stating the speed at which repairs should be carried out, and when.
5. Get Advice From a Commercial Property Expert
Finding a suitable office space can be time-consuming and frustrating. A reliable local commercial property expert could save you lots of heartaches and find you an ample office space at a reasonable price.
6. Consider the Building Your Office Space is Within
The building should be secure, with some controlled entry system. You should also consider the amenities the building provides, and whether these are included in your rent.
7. In What Condition Will You Receive the Office Space?
There may be a load of work required before you can move into your new office space. Find out who is responsible for getting the space into the state you need. Is it you, or has the landlord agreed to do the work to secure your tenancy?
8. What Are You Allowed to Customize?
There is bound to be something that you want to change about the office space. Moving a few desks and refreshing the paintwork is one thing, but knocking down walls to create more space is another. Make sure you know the extent of what you can customise. If in doubt, check with your landlord before you start any work.
9. Consider the Length of Your Lease
Don’t get carried away by being offered a great deal on the rent for an extended lease. For your first office space, you should avoid a long term commitment. You can consider these when you know how well your business will do.
10. Get An Early Exit Clause Written Into The Lease
You could benefit from an early exit clause if your business does incredibly well and expands rapidly or goes the other way and has to downgrade. Either way, an early exit clause is something you should have included in the lease.