Over the next few weeks, we will be adding to our series of helpful tips for businesses starting to look into leasing. This post is the sixth of 10 on the essential questions you should ask before signing an office lease.

This Week’s Question: What access does a Tenant have to the building?

We’ve all been there. You forget your laptop or a crucial piece of work and you need to go back to the office. But what happens if the door is locked. The simple truth is that some property managers still don’t provide 24-hour access to buildings for tenants.

If your business requires access to your suite 24/7, you need to find out what the regular operating hours are and if you will be able to have building access after those hours.

However, it doesn’t end there. Some property managers promise 24-hour access to buildings, but fail to offer services that you would expect. For example, you will need to know if you will be able to control heating and cooling and access to common areas after regular business hours. It’s best to determine what services the landlord provides during regular business hours and what to do should you need to have access to those services after regular business hours.

While you may not typically need access to your space after regular business hours, it’s important that you know what to expect before signing your lease.

Stay tuned for next week’s feature on the ability for your office space to meet your company’s future business needs!

Over the next few weeks, we will be adding to our series of helpful tips for businesses starting to look into leasing. This post is the fifth of 10 on the essential questions you should ask before signing an office lease.

This Week’s Question: Where is the Property Management located?

You start your lease with a fresh office, new paint, new carpet, and perfectly functioning utilities. But what happens when something breaks? It’s up to your property manger to take care of your issues.

The Property Management company, or division, manages and takes care of the building and building tenants. They also deal with any issues that may arise during your lease such as power outages, malfunctioning elevators, security issues, HVAC issues, and additional work to your suite.

While it may seem like common sense, it is very important to have a management team that responds to your concerns and issues in a timely and personal manner. There is nothing worse than only being able to speak with an answering machine or send an e-mail when you have an issue that requires speaking directly with a person or immediate attention.

There is nothing worse than only being able to speak with an answering machine or send an e-mail when you have an issue that requires speaking directly with a person or immediate attention.

A property management team that is close is always better. By having a dedicated group of individuals committed to meeting your every need, you can guarantee you will have a positive office experience. Always include your property management team’s reputation in your leasing experience.

Stay tuned for next week’s feature on the differing amounts of access to your location!

Over the next few weeks, we will be adding to our series of helpful tips for businesses starting to look into leasing. This post is the fourth of 10 on the essential questions you should ask before signing an office lease.

This Week’s Question:

What is the difference between rentable and usable space?

When you lease a space, you may be overwhelmed by the amount of information presented to you. One of the most essential aspects of a lease is the space. However, there is a large difference between the rentable space and usable space.

Every building includes space that is not rentable and includes common area space such as the lobby or entryway, hallways, stairwells, elevators, phone rooms, electric rooms and storage spaces.

It is important to find out what percentage of the building is dedicated for all common areas and if you are paying for usable or rentable square feet under the terms of your lease. If you are paying for rentable space, it’s crucial you make sure that the landlord is paying for all of the utilities in the common areas, especially if you are paying a proportionate share of the electricity for the building based upon your square footage.

The common area factor is calculated as a percentage of the building and is added to the total usable square footage leased. Simply put areas that are shared among your fellow tenants are added to the usable square footage.

Stay tuned for next week’s feature on the effects of property management location!

Over the next few weeks, we will be adding to our series of helpful tips for businesses starting to look into leasing. This post is the third of 10 on the essential questions you should ask before signing an office lease.

This Week’s Question:

What is TI and what does it cover? What is included in the building’s “standard” build-out.

When you begin the process of leasing your new space, you may wonder what the next steps will be to get your space to look exactly as you’d like it to.

“TI” stands for tenant improvement and is what the landlord will pay, at no cost, to build out the suite for you. “Build out” is how your office space will be designed to fit your individual business needs. There are specific items that are considered industry standard build-out items, including, drywall, painting, doors, flooring, lighting, HVAC, ceiling and electrical components. It’s important that you know what “standard” includes and what the associated costs of upgrading are before you lease. Examples of upgrades include glass doors, parabolic lighting, keyless entry, carpet borders, plumbing for kitchen area, additional electrical, phone/data wiring, carpet borders, alternate flooring, and upgraded ceiling tiles.

Always be sure you have a fully priced proposal for the layout itself with all of your changes from the original design. The detailed proposal will let you know if the building allowance offered by the landlord will cover all of the changes you want, as well as determine any out-of-pocket expenses for the floor plan. Any additional charges for the suite design are typically due at signing, or they will be amortized through the lease term adding more cost, ultimately affecting your bottom line. You also need to find out how flexible your Landlord is with outstanding balances from construction. Ask the landlord if they offer any “turn-key suites.” “Turn-key suites” include all the build-out expenses required to get the space ready for your business, drastically reducing your overall cost.

“Turn-key” suites are great for reducing cost, but not necessarily for fulfilling all of your needs.

Stay tuned for next week’s feature on Rentable Space v. Usable Space!