When it comes to choosing a rental office space, it’s important to make the most of your investment. Whether you’re a small business owner, entrepreneur, or freelancer, having a professional office space can help you increase productivity and create a more professional image for your business. In this article, we’ll explore the basic steps for making the most of your lease.
In a nutshell, starting up a business can be an exhilarating endeavor. While, at the same time, renting your first office space is a major milestone. With that in mind, given the average commercial lease term can be 7.2 years, it’s vital to choose a space that can grow and adapt along with you. There are a few tips to keep in mind before you rent office space for the first time.
When it comes to any given brick-and-mortar store or a marketplace business, your office lease cost is a major expense. If you ask business owners, many of them will tell you that rent is their biggest expense, right after salaries. However, most business owners don’t take the time to understand and negotiate their commercial lease in the best way that they can.
Perse, they’ll simply just sign what the landlord gives them, instead of asking for more favorable terms. Before signing a lease, remember that your landlord might have an advantage. Maybe the office location is excellent, but the lease contract lasts five or ten years. This means, that you have only one chance every 5-10 years to review terms. That’s why you need this guide.
How To Choose A Rental Office For Your Business
As a rule of thumb, when choosing a Rental Office, it’s good to consider aspects such that the space must be within reasonable walking distance from the taxi rank or public transport route. The extra cost (Gross Rate) of Office Rental In Calgary, for example, may be extended and must be paid by credit card via telephone or at the Rental Office Branch immediately.
More so, upon confirmation of the rental extension. But, there are still many other factors that surround the process of any office space leases and contract negotiation which are worth your attention. Below is a video tutorial explaining more.
To enumerate, an office lease is a legally binding contract made between a tenant (lessee) and a landlord (lessor). These agreements may be negotiated and signed by agents or representatives of either party. The lease grants a tenant-specific right in relation to the building. It also outlines the duties of both landlord and tenant in terms of space occupation.
Most office space leases stretch for 5-10 years, but some landlords prefer to set yearly renewals for leases. It’s possible to break the clause at the midpoint of the lease duration if the lease states it as part of the terms. The length and terms of office space leases vary per building. Some have month-to-month leases, while others can have leases exceeding 20 or 30 years.
Some common terms include:
- Fixed end dates – the lease dictates the date when the tenancy agreement ends. The lease terms remain during the lease period, and neither party can give the other notice before the end date.
- Automatic renewal – the agreement is set to automatically renew after a given period, e.g., yearly. The terms of the lease remain unless either party gives notice or asks to renegotiate the terms
- Lease options – the tenant agrees to occupy a building for a fixed period. However, they have the option to renew the lease for another fixed period after expiry. The landlord may add a rent escalator to increase the rent for the second lease period
It’s vital to consult reputable property lawyers when considering or negotiating your office lease contract. They’re complex legal documents, and a commercial lawyer can help you understand and negotiate the best terms for your business.
Factors To Help Choose A Rental Office For Your Business
The rights and responsibilities of tenants and landlords in office leases are determined by the type of lease they agree to. Different types of leases offer different benefits, and they may be suited for different businesses. You should consider your business type, location, operations, and other needs for the type that best suits your purposes. The following tips will help you.
Tip 1: Choose the Right Location
The location of your office space is crucial for the success of your business. When selecting an office space, consider factors such as accessibility, visibility, and parking. A space that is easily accessible by public transportation or major roads is ideal, as it will make it easier for clients and employees to reach your office. Additionally, a space that is visible to passing traffic can help attract customers.
Tip 2: Optimize Your Layout
The layout of your office space can have a significant impact on the productivity and morale of your employees. When designing your office, consider factors such as natural light, ergonomics, and acoustics.
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An office that is well-lit and has good acoustics can help create a more comfortable and productive work environment. Additionally, consider the use of open workspaces to promote collaboration and teamwork.
Tip 3: Create a Professional Image
Creating a professional image for your business is essential for attracting and retaining clients. When renting an office space, consider factors such as signage and branding. Having your company’s name and logo prominently displayed on the building can help create a more professional image for your business. Additionally, consider the use of high-quality furniture and decor to create a more professional and welcoming atmosphere.
Tip 4: Utilize Amenities
Many office buildings in Calgary offer a variety of amenities such as meeting rooms, fitness centers, and shared spaces. These amenities can be a valuable asset to your business and can help create a more enjoyable and productive work environment. Consider how you can utilize these amenities to the fullest, whether by hosting client meetings in the conference room or having a break room for your employees.
Tip 5: Network and Build Relationships
Networking and building relationships are important aspects of any business. When renting an office space, consider how you can take advantage of the community of other businesses and entrepreneurs in the building. Attend networking events, join professional organizations, and get to know other business owners in the building. Building relationships with other business owners and entrepreneurs can help create new opportunities for your business.
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In conclusion, renting an office space in Calgary can be a great investment for your business. By choosing the right location, optimizing your layout, creating a professional image, utilizing amenities, and building relationships, you can make the most of your office rental and take your business to the next level. Always stay updated with the local laws and regulations to ensure you comply with them. You can also Contact Us if you’ll need more support or even for more information from our team.