When looking for office space for rent, calculating the total cost is crucial. Many business owners take a look at the square footage and calculate the cost based on this number alone, which can be a costly mistake. While many contracts for leasing corporate space clearly define what is and isn’t included, others are deliberately unclear or contain small print that is difficult to interpret. Before you sign any lease, be sure you ask about common, hidden costs that can quickly increase your monthly costs. Our website provides info about CMPND.
Remember The Cost Of Furnishings
While you may intend to move most of your current office furnishings into your new location, there are inevitably a few pieces you’ll need to either purchase new or lease for the long-term. You may also discover that some of your furniture won’t work well in the new office, so be sure you measure everything and determine what you’ll have to replace and what new pieces you’ll need to invest in. If there isn’t sufficient ambient lighting, even the cost of new task lighting can quickly add up.
Security And Services
Do the contracts for office space for rent in your area generally include extras like a cleaning service and security? If it isn’t included, you’ll have to pay a premium to outside service providers to ensure that your property is properly maintained and secure from theft, vandalism and other security risks. In some cases, a landlord may even make paying for these additional services mandatory, potentially adding several hundred dollars to your monthly budget. Ask the landlord whether cleaning and security are included. If security is included, make sure you know what it includes. Is there a night watchman? A security officer on duty during business hours?
Utilities And Internet Access In Office Space For Rent
Commercial landlords with office space for rent usually don’t include utilities in the list price of the space because there is no way to accurately determine how much electricity each lessee will use and an even division isn’t fair to companies keeping electricity and Internet usage to a minimum. But this doesn’t mean you can’t get a general idea of what your utilities will cost. Ask to see examples of utility costs over the last six months for a comparable unit to get a ballpark number you can work with.
On occasion, a landlord may include the cost of electricity in the agreement for office space for rent based on the load (the amount of power used). If this is the case, be sure that the figure used will be the “demand load,” which is the actual amount of power you use each month. Some will use the “connected load,” which calculates a figure based on whether fixtures are connected. In other words, as long as your computers are connected, you’ll be paying for the power even when you aren’t using the machines.
If you find office space for rent that includes reasonable maintenance fees, you could be in luck. If the rates are minimal, you could be saving yourself a lot of grief down the road when you need routine maintenance performed. But what you perceive as reasonable may not be the same for your landlord. Their definition of “routine” may also be different. You probably want to include snow removal, but not changing light bulbs or you could end up paying a maintenance provider $50 or more every time you need a light bulb changed.
The Cost Of Ending A Lease
Office space for rent in popular urban areas can usually be filled quickly, but most landlords include a penalty clause for early termination of a rental agreement. This can be anywhere from first and last month’s rent to the total cost of the time left on the lease. You may also have to return the space to its original condition, including patching and repainting the walls, removing added fixtures and putting back anything (such as window blinds) that you removed when you took possession of the property.
When you look for office space for rent, be sure you’re equipped with the right questions so that you can determine not only the obvious costs but the hidden ones as well. This can protect you from unexpected expenses that could cause your company additional financial headaches you don’t need when relocating.