5 Things To Do When Leasing a Business Space

Collaborative post – may contain affiliate links

Whether it’s your first business premises or you’re moving to a new location, finding a suitable space will accelerate your business success. It pays to give the exercise enough time, and even when it feels overwhelming, don’t settle for any office you find. Make sure the office fits your business needs. Here are things to consider

Work With a Professional

It might seem like you’ll be spending extra money, but a professional such as a lawyer will make sure you get a good deal and the contract and lease agreements are favourable. 

Probably you don’t have the time or skills needed to go through every word in the lease agreement. The expert will ensure there are no terms that are potential loopholes affecting your finances, business health, and peace of mind in the future. A law firm like Accuro Maxwell will even help you negotiate good deals, protecting your interests.

Understand the Costs

Most people get into a lease agreement without knowing that there are other costs associated with the new space. This creates stress and affects the business’s health. Instead, talk to the landlord or property management company and let them state all the included costs. 

You have to pay maintenance fees, and when you have an NNN lease agreement, you’ll also take care of insurance and tax expenses because the landlord passes them on to the tenants. Other costs include utilities and modification costs. 

You might also incur the expense of new furniture, equipment, and fixtures. Additionally, you might have to pay marketing costs to make potential clients know about your new location, driving more traffic to the business space.

Stay Future Focused

You’d probably want to move into a business place you can afford but still look at your future needs and leave room for business growth. For instance, you might want to build out space in the future as the business grows. 

Understand the zoning laws and how they affect your expansion plans. Also, check whether the current setup is big enough to accommodate any future growth. You don’t want to start looking for a new space one or two years down the road because this might be costlier and might also affect your lease agreement.

Understand the Implications of Breaking Your Lease

Most commercial leases are 3 to 5 years, but anything can happen, making you leave the building sooner. Be aware of such implications and negotiate better or more favourable terms. Note that in some cases, you not only lose the security deposit but could even be sued for terminating the lease earlier. Have your lawyer look at the lease agreement and advise you or negotiate better terms on your behalf. 

Have a Written Down Agreement

Always have all the promises and agreements from the landlord written down and signed. This will ensure that the landlord fulfils their end of the deal protecting your interests. For instance, if you agree that the landlord will handle repairs and maintenance, have it written down in the lease contract and also ensure that the exercise doesn’t inconvenience your business.Take time to understand the implications of moving into the new space. You don’t want to find yourself in a lease agreement that doesn’t favour your interests, or worse, the environment is not conducive for your business operations.

Create an Affordable and Unique Office Space by Converting a Warehouse

Collaborative post – may contain affiliate links

Property developers have been converting warehouses into homes for many years now. As more and more businesses move their operations out of the city and into other locations, inner-city warehouses are becoming available for purchase for reasonable prices and they can become promising developments for anyone willing to invest.

But should you convert an old warehouse into an office? In this article, we’ll be going through some of the positives of taking this route, but we’ll also explain a few concerns that you should keep in mind as well.

Great value for money

For business owners that are looking to grow, warehouses present an enticing deal. They’re relatively large meaning that you have plenty of space to work with. This means it’s possible to keep a part of the warehouse for product manufacturing or storage and use the rest as office space. This is a great way to get a 2-in-1 deal so that you don’t need to hire external warehouse space or look for alternatives for storage.

However, this does mean that you’ll need to renovate it completely, but having such a large blank slate means that you can do virtually anything with it. For large open areas, you’ll need suitable commercial grade pendant lights which can be relatively expensive if you need to cover a lot of ground. If the warehouse is large enough, you might even be able to build a second story that is used for office purposes or meetings with clients and investors.

Overall, the value proposition is a great one. You’ll get a lot of space for your money and you have the ability to customize it to your liking. Just keep in mind that failing to budget is a common pitfall that could turn your warehouse renovation project into an absolute nightmare, so make sure you’re aware of the costs and speak to several contractors before investing your money.

Safety considerations

It’s a good idea to keep safety in mind when you’re renovating a warehouse. They’re not exactly known to be the most sturdy buildings in existence and there’s a good chance there could be some structural damage or compromised areas that need to be fixed before it’s suitable to be renovated.

This means that you will need to hire a safety inspector to determine if the structure is safe enough to work in and use. You may also need to hire another safety inspector once you start bringing in industrial machines or build tall shelves to store all of your stock. If your warehouse is large enough to have forklifts operating, then you’ll need to obtain licenses and also teach your staff how to use them.

In short, a warehouse represents an affordable and unique method of getting the office space needed to grow your business, but it’s not as simple as hiring a contractor to freshen up the place and then moving in with your employees. There are many considerations to keep in mind, but it’s well worth the end result.