Understanding Business Concepts for Office Space Leases

There are many options and terms available when leasing
Office Space. You may know precisely what you want in an Office Space lease. For those who do not, the following covers some of the areas which you will want to address in your Office Space lease negotiations. In addition make sure you review The Basics of Leasing.

Escalation clause for the
Office Space. This clause spells out how much the rent for Office Space will escalate with inflation. Ask for documentation on what the percentage has been over the last five years for the Office Space.

Renewal option for the
Office Space. Under this clause, you have the option of renewal under the original base rent for the Office Space.

Maintenance on the
Office Space. The lease for the Office Space should spell out what repairs or maintenance items you will be responsible for under the terms of the lease of the Office Space. For instance if the door lock jams in the office space, who is responsible to repair it? Is the lessor of the Office Space, or management company Office Space, responsible for the cleaning service; and how often do they clean the office space? Even minor items, such as duplication of door keys to the Office Space should be addressed. If the building has a mandatory security system, who is responsible for paying for it and maintaining contact with the administrators concerning the Office Space?TOP

Insurance on the
Office Space. Often, the lessor of the Office Space will request proof of insurance coverage before the move-in. The lessor of the Office Space must know that you are covered for any damage you may cause during the move-in, as well as have adequate liability coverage for injuries resulting in the Office Space. After you move in the Office Space the same usually applies. The minimum coverage the lessor of the Office Space expects should be detailed in the lease.

Move-in/delivery regulations concerning the
Office Space. If you move into a multi-occupancy Office Space building, it is possible that the management company of the Office Space will have rules regarding hours in which you may actually move into the Office Space and specific doors and elevators which you must use to do so. In addition, there may be restrictions on times and types of deliveries to your Office Space once you have moved into your new office space.

Storage Space supplied to your
Office Space. If you require storage space, you should determine if the landlord has such space available and the costs associated with its use pertaining to your particular Office Space. Or will you be allowed to build such an area in the Office Space you lease (see Renovations).TOP

Subleasing your
Office Space. The lease should clarify if a sublease concerning your Office Space is permissible, and the specific terms, if so.

Restrictions on Use of the
Office Space. The lease should spell out any restrictions for use within the leased. Office Space .For instance the landlord may restrict use of certain type of equipment within the Office Space.

Improvements to the
Office Space. There may be improvements concerning the Office Space which you agree to as part of the negotiations and these should be reflected in the lease. The ownership of these improvements to the Office Space must also be addressed in the lease. It should specify what happens to them when the Office Space lease terminates. On the other hand, you may want to make changes within the Office Space you have rented. The lease should address your rights, and the extent to which you can do so. This could be as simple as putting up a nonbearing wall, or installing a security system in your Office Space. If you should decide your Office Space would better serve you with most of the walls removed, will you be able to do it? What will the restrictions be? Will you be required to reinstate whatever you remove in the Office Space at the end of the lease? The reality of many of these things depend on the length of the lease - the longer the lease the more you can ask for. TOP

Heating/Air Conditioning (HVAC) in the
Office Space. It is important that the hours of operation for the HVAC be addressed, especially if you will be working in your Office Space outside the normal 9:00 to 5:00 hours and on the weekend. It is not unusual for some buildings to operate the HVAC until 7:00 p.m. during the weekdays, and not at all on the weekend. It's a little hard to get much work done if you're too hot or cold. It might be possible to request installation of an individual control thermostat for your Office Space, or it may be provided by the lessor. The lease should also spell out your responsibility for the heating and air conditioning in your Office Space. Is it a percentage based on your square footage of your Office Space? Does it include the common areas outside of your Office Space? Even if you have an individual thermostat in your office space, you will likely still be responsible for a percentage of the common areas outside of your Office Space. This is one of those items you should find out in your initial research.

Renovations/Repairs to your
Office Space. If there are items which you and the lessor agree should be done to the Office Space prior to, or even after, move in, these items should be included in the lease. TOP

Termination of Lease for
Office Space. The terms of your right to end the lease of your Office Space is crucial, as well as in which circumstances the landlord can do the same.

These are all items which are crucial to a
lease which you can live with. It is unlikely that the landlord for the Office Space, or management company for the Office Space, will automatically cover most of them. You must know what your needs are and request that they be included in the negotiations and the final lease agreement.

Consultation with an
Office Space attorney during the lease process is also important. Often the lease will contain language which is entirely foreign to you. You certainly want to have an Office Space attorney look over the lease prior to signing it; and it is in your best interest that you thoroughly brief the attorney on the items which are important to you and those areas which you and the landlord have agreed on (i.e. improvements), so that the attorney can make certain that everything is properly addressed in the lease. TOP

Most importantly, make sure you understand the terms of the
lease for your Office Space before you sign it. It is a legally binding agreement, and not usually subject to revisions after it is executed.

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