There are many pitfalls awaiting a careless commercial real estate renter. The first step in avoiding these pitfalls is starting the process of looking for office spaces for rent in Overland Park, KS, well before you need to move. Going to the process knowing some basic parameters–your ideal location, your budget, how much square footage you need, what office features you need, and how much parking.
Working with a Broker to find Office Space for Rent, Kansas City
You can then start to work with a commercial real estate broker who is an expert in the area where you’re looking who can try to match your needs with an available space. Remember though that a broker’s fees are paid by the landlord, so they may not be your best ally in negotiations. With that in mind, you need to go to negotiations prepared to get the best deal for yourself, and it is also worth seeking the advice of the commercial real estate lawyer.
Negotiating for Commercial Property for Lease in Overland Park, KS
Here are a few negotiation points to prepare for to avoid the costly pitfalls of signing an unfavorable lease, as suggested in the article “Criteria to Consider When Renting Commercial Space.”
- Rent – find out how the square footage in a listing is calculated so that you know exactly what you’re paying for and can compare this to other spaces. Also confirm how rent increases are calculated and how frequent they are.
- Lease length – decide whether a short or long-term lease is better for your business. A short-term lease can mean more flexibility if your business needs to move, but a long-term lease will give you some leverage to ask the landlord for other favorable terms or concessions.
- Extra fees – make sure you know what other costs are included besides the base rental rates. This can include insurance, taxes, utilities, or cam fees.
- Security deposit – commercial buildings might also ask for security deposit, just like residential leases. Make sure you know exactly what you owe before move-in, and check that it is within your budget.
- Improvement costs – you might get the landlord to pay for the improvement costs by prorating your rent. Again, the longer your lease, The more likely a landlord might be to pay for improvements, especially since they might be able to get a good deal from lenders if they have a steady source of income from a long-term tenant. In addition to payments, make sure you know who approves and supervises build outs.
- Repairs and maintenance – depending on your type of lease, you might have to pay for some or all of the maintenance and repair costs, so make sure you know exactly how this is divided up.
Don’t be afraid to ask for what you want in commercial lease negotiations. Do some research and know the areas where you can push for more favorable terms.
If your business is interested in commercial office space for rent in Overland Park, KS, give us a call at 913-685-4100 to find out more about our available office space for lease in Overland Park, KS.