Office Space for Lease – Negotiation Tips to Get the Best Deal
August 6, 2021
Whether you are starting a business or switching to new office space for lease, it is essential to grasp lease terms. Knowing these terms can help you land a better deal that works for you for a long time to come.
Lease terms can affect your businesses in many ways. So, before signing the papers, make sure you seek legal advice. A solicitor will save you from paying additional costs and ensure the terms are favorable for all the parties.
How to Negotiate for an Office Space for Lease
If you are not sure of what you need to remember while negotiating, take a look at the points below:
1. Take Your Time
You are getting an office for your business. A place where you are going to devote 8 to 9 hours of your day. Do not take a hasty decision and sign the deal without going through the terms. Due diligence and negotiation is a time taking process. You’ll have to be patient with the deal.
2. Seek Advice
Don’t shy away from getting assistance from a property agent or solicitor. Their experience allows them to review the contract properly and provide you with strong advice. They will be on your side and help you land the best possible office space deal.
3. Determine Your Needs
You need to determine what kind of office you need. Consider the requirements of your team members and the facilities that come with the office. Also, make sure you have lease length in mind. For instance, if you want office space on lease in Noida for 3 years, make it clear to your solicitor as well as the landlord. We also suggest making other inclusions in the contract such as sublease and rent-free periods.
4. Request Incentives
Asking for incentives such as a rent-free period during fit-outs is a must. These incentives make your lease package favorable for you. Remember, the landlord won’t mention these incentives, you will have to specifically ask for them. Seek advice from your solicitor on what else you can add to the list of incentives.
5. Examine the Overall Costs
As a tenant, you will be paying way more than the base rent. This generally includes the taxes, business rates, service charges, and maintenance fees. The landlord will expect you to pay for all these. During negotiation, request a complete breakdown of all these costs.
6. Don’t Negotiate on a Single Property Only
One of the greatest negotiation tips when it comes to real estate is to negotiate on multiple properties. You cannot pine for a single option and let go of great alternatives. Negotiating more than one property will give power and a real-time comparison.
7. Bargain for Flexibility
Office culture is incredibly dynamic. New changes come in now and then which is why tenants require flexibility. When negotiating, expect some sort of flexibility in terms of contract termination, expansion, or subleasing. In case the contact is rigid for your needs, don’t settle for it.
8. Appropriate Attention
You need to pay careful attention to the office space you are planning to lease. Check everything from the interior and exterior to facilities and other aspects to avoid any unwanted surprises later. In case you spot any issues, share the same with landlords.
9. Make an Effort to Understand the Terms
Legal documents are a little complicated to read and understand. While you’d easily get some points, there’s a chance a lot of it will go over your head. Sit with your solicitor and ask them to clarify those terms to you. Sign the dotted line only after gaining a full understanding.
10. Be Prepared for the Worst
Sometimes despite a smooth ride, things fall out at the last minute. For example, if the landlord refuses to agree with any of the tenant’s requests, the tenant walks away. Similarly, if the landlords feel that certain conditions are unfavorable, they can take off too. This is why it is wise to be prepared for the worst and always have your options ready.
Negotiation is one of the most important aspects of booking the office of your dreams. If you are specifically looking for office space on lease in Noida sector 63, Procapitus Business Park is the best option. We provide you with remarkable facilities and flexible lease terms that fit your requirements. To get into details, please give us a call at +91-931-942-7435 today!
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