Whether you are planning to launch a new business and are looking for suitable premises or if you already have an established company and would like to rent office space that is of a larger size, understanding the terms often used by commercial real estate agents can help ensure you make the right decision.
The language spoken by agents can leave prospective leasers confused, the terms explained below should help you to deepen your knowledge of this topic.
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Certain properties can also be taken as a percentage of the rent. This is a contract in which the charges are based on a percentage of the volume of sales made by businesses in the property.
When checking out an ad for a commercial building, you might see the available space being depicted as used and leased. The area can be used in connection with part of the office to be occupied from wall to wall, which is a little different from the leased area that also includes the shared areas of the building including the lobby and restrooms.
If there are a number of companies operating from the same building, there can be a common area maintenance fees are in addition to the rent regularly. It is important to factor this cost into account when comparing the various properties.
If you want to build an internal undergoing renovation before you start operating from an address, you must collect a letter of intent with the owner. It is a document that states the owner and the tenant in writing what has been agreed changes should be made to the interior of the premises.
When planning to rent an office property, you should take your time to explore many different options as possible. Only if you fully understand the terminology used by real estate agents will be able to identify commercial real estate that best suits your needs and budget. Do not sign the lease unless you are one hundred percent sure that the perfect place for your needs.