Familiarity with the terms and basics of renting Overland Park office space can be a leg up for a small business looking to find an office rental space. To help you keep up with negotiations with commercial real estate agents and landlords, check out some more commercial real estate terms to know:
1. Tenant improvements: Improvements done to the interior of an office rental space, which can be paid for by the tenant, the landlord, or both, depending on the type of lease.
2. Common area maintenance (CAM): The additional rental charges that tenants pay to maintain common areas of the property, which are typically available for use by multiple people and owned by all tenants.
3. Letter of intent: An informal, non-binding agreement between the lessee and landlord declaring their intent to proceed with negotiations.
4. Latent defect: A problem with the property that could not have been discovered through normal inspections performed before the agreement.
5. Work letter: An agreement between the tenant and the landlord dealing with all issues related to the construction, or build out, of the interior of the rental space.
Having these terms in mind can help you be a little more prepared to wade through all of the charges, types of leases, and agreements that are a part of finding Kansas City office space for rent.
If you and your small business would like to learn more about Overland Park office space for rent through Southcreek Office Park, give us a call at 913-685-4100!