If you are in the process of forming a business, it goes without saying that you'll find yourself in the market for office space at some point.
Unless you're going to purchase space, you need to turn your attention to negotiating the best lease possible. While this sounds simple enough, a few challenges can get in the way.
Here are a handful of tips for negotiating an office lease:
- Find legitimate leverage to use to your advantage: For example, if you come to find that the lease price is higher than competitive properties, let the landlord know your concerns.
- Think about the term of the lease: You need to negotiate a term that works for you and your company, both now and in the future. For example, if you believe your company will grow by leaps and bounds in the next two years, you don't want to get stuck in a lease for five years.
- Review every last part of the contract: Don't make the mistake of focusing your energy on nothing more than the monthly rent and term. There are other things to think about, such as what happens if you need to exit the lease early. This should all be outlined in the contract.
These are the types of steps you can take as you negotiate an office lease. As long as you know what you're looking for and continue to remain patient, you'll eventually find the perfect space for your company. It doesn't always come easy, but this is a big decision that deserves your full attention.
Source: Entrepreneur, "5 Keys in Negotiating an Office Lease," accessed March 28, 2018