How Do I Sublease My Commercial Property in Overland Park KS?
Before talking about some concrete steps to take when you want to sublease your commercial property in Overland Park, KS, it is good to consider why a business would want to sublease a space in the first place. Here are a few reasons businesses sublease, as outlined in the article “When and How to Sublease Office Space You’ve Rented”:
- Relocation – A business has decided that it is time to relocate to a new commercial office space for rent in Overland Park, KS, for reasons such as proximity to suppliers or clients, tax incentives, or new market opportunities. If there is still a lot of time left in the lease, the company might be better off subleasing rather than terminating rather than terminating the lease.
- Growth – A company has simply grown to big for the space and needs to move, but the lease term isn’t over yet, in which case, again, it might be a better financial decision to sublease than to break the lease.
- Downsizing – On the other hand, a company that has to downsize might also need to move to a smaller office, or simply sublease part of their existing space.
- Bankruptcy – If a company goes out of business, subleasing a space is one way to salvage some of their finances.
- Merger or Acquisition – In this event, a company might have to give up their space, and it might be financially wiser to sublease.
There are many pros and cons to subleasing, but for a lot of businesses that find themselves in unexpected situations, it might be one of the only ways to not pay the penalty of breaking a lease outright.
If your business is thinking about subleasing, here are some steps to follow:
- Read the Lease. If you know you are definitely leaving a space, make sure you first comb through the lease to see if there is any way to terminate it without penalty (i.e. if you give a certain amount of notice). If you do decide to sublease, make sure that your lease allows it and review what terms you have to follow.
- Assess Your Space. Before you start looking for a tenant, make sure it is actually practical to sublease, especially if you are only subleasing a part of the space. Think about entrances and exits, parking, and what kinds of operation the space is suited for.
- Talk to Other Tenants. See if any neighboring tenants want to expand into your space, which would make the proceedings, especially moving, a lot simpler for all parties.
- Advertise and Interview. If you don’t have any luck with neighboring tenants, its time to let the local business community know that you are looking for a tenant to sublease. Once you have a few interested parties, take the time to interview them to make sure they will comply with your requirements. If it’s a fit, then it’s time to draw up a contract and sign!
These steps are important if you are thinking about subleasing your space, but even if you are just looking at a new Kansas office space for rent for yourself, think about the possibility of subleasing down the line and how you can build that into your lease.