Things to Look for When Evaluating Office Space for Lease

A business’ image largely relies on perception. Customer perception comes from first impressions. Statistically, a customer will form a positive or negative opinion about a business with 30 seconds after entering. In order for a company to put its best foot forward, having a professional office space is a must.

Aside from the “look” of a leased office, there are other considerations. After all, just a nice facade won’t make it a good return on investment.

Price

Price is perhaps the largest determining factor on whether a business chooses a space to lease or looks elsewhere. Entrepreneurs should remember that customer’s won’t be impressed by big ticket lease payments. Rather, a professional looking space that is comfortable will do the job nicely. Formulate a budget and determine what is affordable. Once that figure is known, knock-off 10 to 20 percent as leases inevitably rise when renewed.

Location

In residential real estate, the phrase “location, location, location” dominates. While commercial office space doesn’t have to be in the most glamorous building in town, it should be located in an accessible area. Near public transportation for employees and in an area where clients can easily find lunch and dinner options. Moreover, being in the delivery zone for restaurants is likewise important.

Amenities

Some leased office spaces allow each tenant a pre-determined amount of time to use a board or conference room each month free of charge. Others might charge a flat fee per month for such usage. While other lease buildings charge per hour or per day.

Lease spaces with business concierge services like telephone operator, mail delivery and other services might or might not be included in the rent.

Permitted Usage

Some commercial lease spaces are limited use–meaning certain business entities are not allowed. In an office building, this may include retail businesses or industrial businesses such as manufacturing. Check with the leasing office about permitted usage before making a commitment. Learn as much as possible about what is allowed and not allowed in leased spaces.

Common Area Usage

Common areas such as conference rooms, might only be available on a pay-per-use basis. In addition, some commercial buildings charge each tenant maintenance fees to cover the cost of landscaping and general building maintenance. There might also be a fee for property tax sharing. If the building is “Triple N”, “NNN” or “Triple Net”, it means each tenant pays a portion of the property taxes, along with maintenance fees.

T.I. or Tenant Improvements

In many cases, tenants are restricted in making substantial changes to a leased space, unless approval is given by the lessor. This means any “build-out” or remodeling of the space must be given permission by the lessor before work begins.

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