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By Mark M Allen
Planning to lease or rent an office space for your business? Having trouble searching for a suitable place to rent? With the numerous vacant commercial office spaces found in the market, for sure, you are confused on which facility to consider due to the different deals, promotions and discount packages offered to prospective tenants.
Business planning is not solely limited in formulating revenue generating strategies, but it is also part of your task as entrepreneur to look for a feasible office to lease. With the latest economic crisis, everyone is finding means to reduce costs in all aspect of business, including finding an affordable office space to rent.
Before you take a plunge and sign in a contract, ask all questions that you could think to ensure your safety and to meet your requirements.
Suggested questions to ask relative to commercial office leases:
1. How much is the monthly lease? – It is one important question to ask from your landlord. Ask if there are discounts, promotions or deals offered if you pay in advance.
2. What amenities are included in the rent? – Ask the landlord what are the amenities offered in the facility. Ask the landlord if the lease is inclusive of electricity, water, Internet connection, telephone connection, comfort room and many more.
3. What is the term of the contract? – Inquire about the term of your lease contract. Is it in 5, 10, 25, 30 or 50 year leases. How do you pay your rent? Ask about base rent, annual rent, free rates, security deposits, length of lease and renewal options.
4. What are the consequences of breaking the lease contract? – Ask the landlord of the penalties and consequences you receive once you break your lease contract.
5. What is the physical condition of the facility? – Ask and evaluate the current physical condition of the building that you intend to lease. Make a physical assessment of the building. Does the building had an elevator? Is it in working condition? Is the facility’s heating ventilation and air condition (HVAC) unit in working condition? Does every room have their own rest rooms? Does the building had its own generator set?
6. What are the options offered if you decide to expand or shrink your office space? – Ask the landlord if you are permitted to make changes and renovations to the facility.
7. Does the building had an executive suit? – Assess if the building has an executive suit? Does the suit meets your corporate culture?
8. What are the penalties if you default on paying your lease? – Know how much penalty is given once you defaulted on your rental.
9. What opportunity costs are offered by your landlord? – Know the available capital outlay and how it will be spent.
10. What is the current financial standing of the building owner? – Know how the owner deals with his finances and debt? Inquire about his current loans and debts, if there are any.
By knowing all these questions, you can better assess the suitability of leasing a particular facility.
About the Author: Mark M Allen is a business writer who provides information on Philadelphia office space and Philadelphia temporary office among others.
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