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Abacus- Things to Consider Before Renting or Leasing Commercial Space

Moving to a new space is a significant step for many businesses. Businesses prefer to lease or rent spaces than build their own, because of several factors. Here are ten things to consider before renting or leasing a commercial property in New Town.

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Abacus- Things to Consider Before Renting or Leasing Commercial Space

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  1. Abacus Things to Consider Before Renting or Leasing Commercial Space

  2. Location • The location for a businesses or a commercial property is utmost importance. • Neighbourhood of the commercial property attracts relevant footfall of your target customers. • New Town is one of the happening locations of the city. • With IT firms shifting to New Town, the neighbourhood best suitable for any business.

  3. Hire an Experienced Commercial Agent • Leasing and renting are quite critical tasks for inexperienced businesses. • Involve an experienced commercial agent whose can do all the leasing & renting related tasks. • Commercial agents can make the negotiations easier for businesses.

  4. Infrastructure • The ambience and habitat is what enhances the experience of the employees as well as customers. • Floor space is enough to comfortably accommodate employees and essentials. • Dedicated seating arrangement, meeting rooms, and cafeteria are essentials for any office space.

  5. Read & Understand the Lease Terms • Before finalising on any office space, it is mandatory that businesses go through the lease thoroughly. • Understanding the lease terms is a must especially because it’s practically irreversible after it is signed. • The lease should not only have the direct costs laid out, but also additional costs. • Understand the boundary of expenses & insurance fees as well, before it gets added to the rent value.

  6. Negotiate Best Deal • Commercial space owners can offer you a deal that benefits them. • It is best to negotiate with the owner to bring down the maintenance and facility costs. • A commercial agent can negotiate to make better deals.

  7. Understand the Lease Type • Depending upon the owner and the guidelines of the commercial or office space, the lease type is chosen. • Leases can be based on the financial, operating as well as full service and gross lease setting. • Understanding the lease type is very critical to determine if it conforms to the kind of business you run.

  8. Choose Rent & Tenure Carefully • Deciding the monthly rent during the initial talks is crucial. • Negotiating on the original price quoted by the landlord is recommended. • Make an offer within the budget to settle with the rent. • Lease agreements should have flexible tenures so that it can be adjusted with improvements in time.

  9. Understand Renewal Terms • The standard terms for renewing the lease for office spaces in New Town can range between 6-12 months. • Discuss the terms of renewal beforehand to avoid unnecessary issues later.

  10. Understand Cancellation Terms • One of the most important aspects to consider is the terms of cancellation. • Knowing the terms of cancellation is crucial to end the lease contract with the commercial space. • It is standard for the terms to have a mandatory 30-day to 90-day notice period before it stands null and void.

  11. Thank You

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