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Crucial Office Leasing Factors Besides The Price Per Square Foot
No office tenant ever fails to consider the amount of rent to be paid or the location of an office space before signing a commercial lease. Most tenants fail to investigate all of the other factors that often make the difference between a satisfactory and unsatisfactory lease.
Even in the simple case of location, you may think the geography’s fine. On your visits between 9 and 5, the neighborhood of the commercial property looks OK, too. What about the neighborhood at 7 or 8, or even 10 p.m.? Will employees who work late be safe leaving? What about weekends?
Building maintenance is a vital element in determining your satisfaction anywhere. It looks OK to you, but what’s stipulated in the lease? What about exterior building and grounds maintenance? The landlord performance provisions should be specified. Who pays for building repairs? For repairs in your office? Who pays for your office bathroom supplies, for light bulbs?
Where will you park? If the building has a parking garage will you receive a number of free spaces with your lease, or reduced fees?
A key element in office leasing is the build-out allowance for your space. Is it really adequate to do what you want? Whose contractor will do the work? Will there be three bids? If the work costs less than the allowance who gets the savings?
A qualified commercial tenant broker will quickly and easily help you answer all of these questions.
