Although you may have rented an apartment or house and had to sign a lease, when it comes to commercial property, the lease is often a bit different. In most cases, there will be a base price per square foot, and then there will be other things added to that base. Here are a few things to be sure you understand that can change the amount of money you have to pay monthly for your office space rent.
Finished Office or Shell
If the office space you are looking at is completely finished inside, you will pay more per square foot than if you are renting one that is just a shell. However, if you are not in the financial situation to have the interior finished, the owner may be willing to pay this for you. Of course in most cases, this will mean you pay more monthly. Sometimes, the owner wants to rent the space badly enough he or she will offer to have the work done for you and not increase the rent. However, to be sure this is the case, discuss renting the space before you ask to have the work done. If you are looking at a place that states they will build to your needs, be sure to ask what the rent would be if you did the work yourself. Then, you can decide if it would be more cost-effective to do the work or pay more monthly.
Common Area Maintenance Fees
All commercial buildings have some type of common area maintenance (CAM) fees. These fees include having any landscaping done, the electric bill for any signage in front of the building, maintaining the parking lot, and any other cleaning or maintenance needed to the "common" areas of the building. Some owners will simply consider these fees in the per square foot price they charge and you will not have anything added to your monthly rent while others will charge you based on the size of the unit you are renting. For example, if the building is 10,000 square feet total, and your unit is 1,000 square feet, you will have to pay 10 percent of the CAM fees incurred monthly.
As with any type of legal document, it is important that you read and understand the whole thing. If you are not sure of something, it is always best to have a real estate agent or a lawyer go over it with you. You do not want to get into a situation where you get a bill for something you weren't expecting and cannot pay, especially when you are first starting your business.Share