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Know What you are Looking for in an Office Rental

By Office Space TorontoIn standard1st October, 2014

no hidden costsRenting office space is considered one of the highest expenses that a small business will incur, so making the right choice and getting the right deal is very important. A small start-up cannot afford to make the wrong choice and sign up for a long-term agreement in the wrong space, with possible “hidden” costs involved.

Don’t make an impulse decision when choosing office space; make it rational and choose the right space that works best for you and your company. Far too often this major financial decision is made with emotions without considering the long-term implications. Many small business owners forget that the space they are considering is going to be a place they will spend half, if not more, of their waking hours in. What looks great today may not suit your needs tomorrow – and being locked into a lease might also restrict business growth.

Choosing an office space situation that will allow a business to grow is very important. No business owner wants to have to break a lease at a great deal of personal expense, and feel like they are starting over. Finding an office space situation that will allow them to expand or to increase space is key to a less stressful expansion of a small business.

Finding a great listing or office-space offering is one thing; seeing it and seeing the terms is more important. Take the time to investigate and visit the office space you are considering. Not only take the time to meet with a representative and take a full tour of the facility, but make a return trip to the building and ask people how they find their commute to work. Also ask about the in-office service they receive and if staff are easy to get along with.

Read the rental agreement or lease carefully to make sure that your business interests are taken care of. Remember that lease-term flexibility and lease complexity can vary depending on the size and type of space you are looking for. A short-term rental agreement or lease can be a simple document to understand. But when you are looking at a long-term lease, it is best to involve a renter’s agent or a lawyer in the process. You have to understand the legalese and any hidden costs in a long-term lease.

Do not procrastinate when choosing an office space. Waiting too long to find that last-minute deal may be the eventual downfall of your small business. Planning your office search months in advance of your actual move, will give you a chance to make the right choice and the opportunity to explore all options.

Remember that renting a small office or retail space is a big decision for any entrepreneur or small business owner. Understanding all of your options and how the renting process works in every type of situation will make you (the prospective tenant) an informed consumer and a happy tenant. If a rental agent does not help you to explore your options, they he or she is simply not working for you.