A Checklist for Your Overland Park Office Space
Leasing a space can be a very tiresome process. In order to avoid headaches and problems down the road, try using this checklist to make sure you are taking all the right steps before signing the lease, as described in the article, “Do’s and Don’ts for leasing a space.”:
Did you check how much space you need?
Every office has its own cultural habitat that needs a certain amount of room. Maybe your office space is looking for a more open workspace where employees can easily see each other and interact. Maybe you are better off with closed or sectioned off rooms for intimate meetings. Either way you will want to know how much space you need before picking the perfect spot. Remember if you lease a space that is too big it will feel empty—on the other hand, if you lease a space that is too small you might hinder your businesses growth. So consider the size and the necessity of important rooms before signing that lease!
Did you check prices elsewhere?
Compare! Compare! Compare! Looking at similar spaces in the same city is a good idea for anyone looking for office space. To truly understand the market one needs to find out what rate similar building with similar specifications are being rented for. Ignore any data about rental rates transactions that are over a year old. Check addresses, square footage, age and location, and then compare among places with similar prices.
Do you know who you are working with?
Remember when looking at office postings that the realtor is working directly with the landlord and wants to work to get a better deal for the landlord—this is their job. So in other words, don’t expect this realtor to help represent you in the transaction. Maybe look into working with a realtor directly who will help you find the best price for you.
Did you look for similar features and incentives?
When looking at spaces it is a good idea to look at a few different buildings. As outlined earlier, you are going to want to check prices and compare them to other buildings. However, this isn’t the only thing that should be compared when shopping around. You may want to look into what other business owners have received in terms of incentives from their landlords. Things like minor improvements or moving allowances are not uncommon among landlords who are looking to rent out space.
Are you sure the lease is correct?
It is never a good idea to assume that the lease is correct when signing for your new office space. Things that are said verbally might be left off the written lease or just completely forgotten by the landlord. New business owners who are looking for office space might look into getting a real estate attorney in order to save some money in the long run.
Did you get quotes in writing?
On top of making sure the lease is correct it is also a good idea to make sure you have all the quotes you were promised in writing. This seems like a no-brainer, but disputes about oral versus written agreements are not uncommon. You need to make sure to look at a few things before settling for a space, such as if the fees you are responsible for or rental rates change monthly. For instance, you might be looking at a space that is $5.50 per SF, but that rate could change to $25.50 per SF in the future, so just double-check before signing.
Do you understand the building zone restrictions?
Mistakes in zoning restrictions can end up being costly for you. Some places require a special permit from the city if you want to set up a retail business in an area. That means if you want to set up your new shop in the hip industrial area of town, you may need to sign up for a permit. So make sure you check with the building owner beforehand so you don’t have issues once you have already shouldered the cost of moving.
Did you read every line in the lease agreement?
Make sure to read every line in the lease agreement. Unlike residential real estate, there are no laws in place that protect you when signing up for commercial real estate. Make sure you know who is paying for what and how your money is being spent. Figure out who is paying for taxes, janitorial services, insurance, and even ground maintenance. Steer clear of verbal agreements and assumptions, and only focus on what is in writing.
Before signing the lease make sure you have checked all aspects of both the space and the document so you know exactly what you are getting!
If you are looking for Kansas City office space, give a commercial real estate broker in Overland Park a call at 913-685-4100 for more information about our available space.