Rent is one of the biggest business expenses. You can cut down on what you’ll pay for a Toronto office space for lease by being careful and shrewd. First and foremost, businesses need to remember these leases are open for negotiation.
Here’s a few tips to help you through what can otherwise be choppy financial waters.
When you’re looking for the right Toronto office space for lease, you’ll be entering a legal agreement. That’s why you need a commercial lawyer on your side to help you negotiate. In fact, it’s a good idea to work with a commercial lawyer who has a background in leases.
Your general family lawyer isn’t the best bet here unless you want to wind up with unexpected costs. Leases can be complicated so you will need a specialist to help.
Balance That Toronto Office Space for Lease Against Your Business Costs
A little research goes a long way before you even start matching a lease up with your budget. One of the important things to consider here is not only your immediate needs. It’s tricky in business, but if you can anticipate what you will need in the near future, you can add that into your negotiating template.
If you’re not really positive where you’re going to be when moving forward with your business, consider a shorter lease. You might pay more per square foot in that scenario, but it will be less costly if you need to break it in the long run.
Know the Incidentals
There’s a good chance that the lease you are looking at will include some incidentals. It’s important to make sure they are clearly and specifically laid out. These could include something like storage costs.
It’s important to match these up with the budget that you’ve set aside to make everything work.
Do Some Market Research
Due diligence includes getting a good idea of the rents in the area that you’re interested in. Talking to a professional in the field can get you some real time lease rates. Once you’ve got those numbers put together, you can compare them to what the landlord is asking for.
Having a professional on your team is invaluable. Allen Mayer has the kind of experience that business can rely on. He’s been providing advice to clients in commercial real estate for 25 years. He supplies Toronto office space for lease advice in Vaughan, Brampton and Mississauga too.