A renewal option and a short term lease with a renewal option are just a few possibilities for your business’s office space lease in Overland Park. Keeping in mind the future growth or changes of your business, here are a few more options to think about:
3. Option for additional space. Having the option to expand is very important for a growing business. A landlord might be inclined to grant the option for additional space if they feel that you might be an important tenant that could potentially attract other businesses, especially in a retail context. You will want to carefully examine the terms for renting extra space to make sure that option is in your business’s best interests. When you are negotiating your initial option agreement, you will determine with your landlord if you are going to pay for your expansion at the same per square foot price you are already paying, at the fair market price at the time, or at a fixed rate of increase.
4. Option to end the lease early. This option is becoming more popular in commercial leases. Often landlords offer this clause to important businesses with the goal of getting them to sign long-term leases and attracting other high profile tenants. If the tenant exercises their ability to terminate the lease early, the landlord will receive some sort of compensation.
It cannot hurt to look into all of your options as you are negotiating a lease to make sure that you can adequately communicate with a potential landlord the needs of your business.
If you are looking for an executive office in Overland Park, call and talk to one of Southcreek’s commercial real estate brokers at 913-685-4100 to talk about your vision for your ideal office rental space!