Questions to Ask Before Leasing: 7/10
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 seventh of 10 on the essential questions you should ask before signing an office lease.
This Week’s Question: Can the office space be modified to meet your company’s future business needs?
Businesses evolve on a continual basis, growing and shrinking based on market forces. Inevitably you will need to change the space you start out with. But what do changes to your space look like in a lease?
The changes may include expanding or downsizing, adding a kitchen area, or completely redesigning the configuration of the office space. It is always best to determine what changes the landlord is willing to do accommodate and what the applicable charges will be, before signing the lease. While it may be difficult to know what your plans are down the road, you should ensure that you have the flexibility to change your space to meet any potential need.
(Insider Tip: Get your landlord to provide you with a Right of First Refusal option under the terms of your lease for any space that becomes available adjacent to your suite, if possible)
Some property managers offer a phenomenal agreement known as “portfolio leasing.” In portfolio leasing, tenants are able to move from building to building within the property manager’s buildings. Should you need additional space and can’t take the suite next door, you have the opportunity to move to another building with a larger suite without breaking your lease. As the tenant, you hold a great deal of power in determining the specifications of your lease. Since most leases typically span 3-5 years, make sure you make the right decision with a flexible landlord
Stay tuned for next week’s feature on the ability for your office space to meet your company’s vision for success!