(Sponsored) Now that you’ve got all the aspects of your enterprise ready, the next move is to find the right place for your office. Like all other business transactions, choosing a commercial property to lease needs careful planning. You also need guidance on the legal and business perspectives of your choice.
Although leasing is daunting for many entrepreneurs, there are actually ways to make this task a lot easier. To get you started, you need to consider two crucial aspects — legal and business.
The Business Side
Let’s face it. Expect that you might be required to allocate a hefty amount for your lease cost. And you have to remember that your choice of office space can bridge the gap between becoming a million-dollar business or just a so-so company. Specifically, business owners need to consider the following terms and conditions when leasing in Western Australia:
- Location and accessibility – Find an office space that is accessible via different modes of transportation. This will make your customers visit you frequently and your employees happy. Be in a safe neighborhood. Always remember that property theft, trespassing, and work-related injuries can drain your budget in a blink of an eye, despite the fact that these are all preventable expenses.
- Building – Avoid cutting corners on your office. Don’t rent a space with major structural issues, plumbing problems, and whatnot. These will all just add to your maintenance and repair cost in the future. As much as possible, rent a space that is eco-friendly and energy-efficient to stretch your budget while promoting environmental awareness.
- Rent and lease reviews – Make sure to refer to the consumer price index (CPI), fixed amount, and market rent when comparing rates from different providers.
- Repair and maintenance – Ensure that the contract should have clear stipulations as to whose responsibility it is to maintain the property. Usually, landlords take charge of the exterior and structure of the building, while the tenant handles the maintenance of the interior area.
- Lease duration and renew options – See to it that your lease duration is long enough for you to make a profit and recover your investment.
The Legal Side
By considering the business side of leasing, you can plan out your budget and growth projections while there in your rented space. Looking into the legal aspect of this matter allows you to negotiate your contract and run your company on a daily basis within the limits of State laws and regulations. The following are the three considerations you need to look into:
- Zoning – As you grow, you are likely to add more services or products. You might need to add more rooms and make adjustments to expand your area. So before you sign a leasing contract, make sure to know if the commercial property owner can give you room to expand.
- Exit clause – Look into the contract’s fine print. If there’s a clause allowing the landlord to end your lease early, make sure to negotiate to have it removed. Why? Immediate relocation is such as a hassle, and you wouldn’t want to experience that and tag along your employees with you.
- Lease type – Are you about to open a retail shop, shopping centre, office or warehouse? Take note that there’s a specific lease type for different kinds of business and industry. Make sure to visit a real estate lawyer to seek professional advice, especially on the Commercial Tenancy (Retail Shops) Agreements Act 1985, which regulates the State’s commercial leasing matters.
The Next Step: How to Negotiate Effectively for Your Lease
Now that you know the legal and business aspects of leasing, your next move would be to consult with a solicitor in Perth such as Steinepreis Paganin to help you negotiate a lease. This is a complicated transaction, so you would need all the help you can get to secure the perfect office for your company. An expert real estate lawyer can give you tips on how and what to bargain. You’ll get to learn the issues to look into when leasing and the fine print of the contract.
At Perth, there’s actually an abundance of commercial spaces to lease, considering that the City houses some of the world’s top-rated ultramodern hotels, malls, and skyscrapers. By looking closely into the points above, you can surely find a suitable office to rent in no time.