Toronto Office Space for Lease, Professional Office Space for Rent
Most Toronto Office Space for Lease are not posted on the MLS system.
Professional Toronto Office Space for lease are conducted through Real Estate Brokerages.
It is important that the potential have your own individual representation.
This way you are independently represented and protected through the offer to lease transaction.
We can provide Toronto Office Leasing and Mississauga Office Leasing from 1,000 sq.ft. to 100,000 sq.ft.
Our team would be pleased to answer all your concerns and questions concerning Toronto Office Leasing and Mississauga Office Leasing.
Please contact Allen Mayer Real Estate Broker at Royal LePage Real Estate Services Ltd. Commercial Division directly.
Allen Mayer can be reached at 416-918-7979.
Office Leasing is a major expense for any company.
Negotiating the best lease rate will save your company in the long run particularly when committing to a 5 to 10 year lease.
There is no standard lease negotiation or template. As a major issue is specific Leaseholds that are tailored to the current Tenant.
Therefore here are some suggestions to help you become a little more lease-savvy and negotiate a more favourable office lease.
Our market focus is Toronto Office Leasing and Mississauga Office Leasing.
The following are key points prior to looking for Office Space.
- Permitted use of the premises.
An office lease typically has a section that sets forth the permitted uses of the leased space. It is to your advantage to make this clause as broad
- as possible, because your business may diversify or you may want to sublease space to another business.
- Term of the lease.
Landlords are typically willing to make concessions for longer-term leases. A company’s needs may change, however, so try to negotiate
- a shorter-term lease with renewal options.
- Rent escalations.
Fixed rent over longer-term leases is relatively rare. Sometimes, landlords insist on annual increases based on the percentage increases in the Consumer Price Index (CPI). If your landlord insists on rent escalations, try to arrange that a CPI rent increase does not kick in for at least two years. Then, try to get a cap on the amount of each year’s increase. If you have to live with a rent escalation clause, consider a predetermined fixed amount.
- Common area maintenance, HVAC and operating costs.
Take into account operating costs that the landlord may pass on to a business. If the landlord is charging separately for these services,
- try to negotiate a fixed fee or cap on the amount.
- Tenant improvements.
New space may need some improvements or alterations. Most form leases provide that the tenant can’t make any alterations or improvements without the landlord’s consent. Businesses should ask for a clause that says they can make alterations or improvements with the landlord’s consent and that consent won’t be unreasonably withheld or delayed.
- Repairs, improvements and replacements.
Be aware of a clause that says that at the end of the lease premises must be returned in their original condition.
- Assignment and subletting.
Companies should negotiate enough flexibility in the assignment and subletting clause to allow for mergers, reorganizations and share ownership changes.
- Option to renew.
Try to get the option to renew your rent at a fixed predetermined price, not based on a “fair market” price.
- Right of first refusal or first offer for additional space.
A right of first offer obligates your landlord to present any space that becomes available in the building to you first before marketing it to third parties.
- A right of first refusal on space obligates the landlord to bring you any deals he is willing to sign with third parties for space in the building
- and allow you to match the deal and preempt the third party.
How Much Office Space does my Company Require
Below you will find a handy list of square footage figures to help you calculate how much space you might need for your next office. Of course, these are only guidelines – I recommend that we set up a meeting prior to touring properties to establish your specific office requirements.
- Typical President’s Office – 300 to 400 sq. ft.
- Typical Vice-President’s Office – 225 to 300 sq. ft.
- Typical Executive’s Office – Average 150 sq. ft.
- Typical Associate’s Office – Average 100 sq. ft.
- Manager Workstations – 64 to 80 sq. ft.
- Workstations – (Can vary depending on function) 36 to 48 sq. ft
- Conference Rooms – approx. 25 to 30 sq. ft. per person (conference table) – this can vary based on conference room usage
- Server Room – 80 to 200 sq. ft. but depends upon amount of usage.
- Mail/Copy Room – 100 to 150 sq. ft. but depends upon amount of usage.
- Reception Area – 125 to 200 sq. ft. for receptionist and seating for 2 – 4 people; 200 to 300 sq. ft. for receptionist and seating for 6 – 8 people.
- Lunch / Break Room – 100 sq. ft. with no seating / 150-225 sq. ft. with a table that seats 4-6 people
- Circulation (inclusive of hallways, closets, etc…) – Typically add 30-40% on top of the total sq. ft.
- Loss Factor – Typically add 20% to total sq. ft. inclusive of circulation space. This will vary based on the building age and construction, but 20% is a good starting estimate.
Please contact Allen Mayer Toronto Real Estate Broker for more information.