Considering that the office lease might be the largest monthly expense when it comes to owning a business, it’s a smart idea to get a solid grasp on how commercial leases work before signing. We’ve compiled a list of the top items to look for when searching for your next office.
For new business owners, you may want to start with a short-term lease as you build out your brand and get a sense of your growth trajectory. If your business hasn’t quite taken off yet, you leasing a commercial space for a shorter amount of time might be the safer option, although the monthly rent may be higher. On the other hand, if your business rapidly grows, it will be nice to have the flexibility to lease the office and quickly lease a larger space. Accordingly, consider asking the property manager for an expansion guarantee, which will allow you to add space without paying any penalty fees on your original lease of the smaller space. For more established businesses, a long-term lease would be suitable due to your company’s stability. You’ll also have better insight into the firm’s long-term growth potential.
This might seem mundane, but it’s important to thoroughly read over the lease, including any fine print. That small verbiage might just be a crucial element in your lease that can affect your business.
Prior to signing a lease, ask questions to see if you can envision your company at this particular building. Perhaps you would like AT&T at your next office, but the building offers a completely different service. If you’re a tech company, this is definitely one of the most important things you can look into when signing a lease. See if the technology, services, and phone reception can accommodate your business.
This term refers to major structural components such as the roof, foundation, heating, ventilation, etc. as well as other repairs. Not every lease is the same, so you could see one lease in which repairs and replacements are your responsibility and another in which the property owner covers it. There are also leases in which the landlord is responsible for repairs but not replacements. This is something you should look into and discuss with the landlord.
The team at TradeCenter 128 will walk you through our offices and answer any questions you have about our properties in Woburn, MA, right on the Burlington town line. We’ll discuss the available leases as well as the amenities offered at our commercial properties, including free parking and public transportation. Situated along Route 128 and Interstate 95, we are only one mile south of I-93.