office space Overland Park KS

Lease Language for Office Space in Overland Park KS

If you are looking to rent Overland Park office space for lease for the first time, you might want to be familiar with some of the basic vocabulary of the commercial real estate market:

Landlord
Someone who rents property to another (also known as a “lessor”); an owner of property who hands over their right to use that property to a tenant for a specific period of time in exchange for rent. A landlord still holds the title to the property, but the lessee’s (tenant’s) rights are spelled out in a contract called a lease.

Lease
A legal agreement in which a lessee is allowed the use of real or personal property of a lessor in exchange for a rental charge. This contract might provide for restrictions, the purpose of the use of the space, and the length of the lease.

Option Agreement
A legal contract between the landlord of a piece of property and a potential lessee in which the landlord gives the potential tenant the first chance to buy that property up to a certain date and for a fee.

Right of First Refusal
The opportunity given to a tenant to match the terms of proposed contract for another space before that space is rented out to another potential lessee.

Market Price
In general business terms, this refers to the price that buyers and sellers of a product (in the case of commercial real estate, a piece of rental property) have agreed upon in accordance with supply and demand.

Fixed Price
A price spelled out in a certain type of contract. This price is predetermined and invariable, versus dependent on the costs of production.

These are just a few terms to be familiar with as you negotiate for the best possible Overland Park office space!

If you are looking to learn more about available space in Overland Park, give us a call at 913-685-4100!

Figuring out the correct value of an office space in Overland Park KS can be a tricky business, especially when you factor in property taxes. One way to investigate the correct value of a piece of commercial real estate is to find out what nearby properties are valued. It can also be helpful to have a little background information on factors that determine property taxes:

Market Value. Market value is officially considered the price a buyer would pay for a certain property. It is important to not confuse the dollar amount your company is paying for property tax, because oftentimes businesses are assessed at a lower dollar value for the purpose of property taxes.
Property Improvements. Contrary to the belief of many small business owners, building improvements actually will not raise the property tax rate for several years. So spending money on improvements now could actually improve the value of your real estate soon.
Historical Value. Whether or not a property is considered “of historical significance” could be either a good or a bad thing for your taxes depending on the local government. Some governments tax businesses more if they are in a historical area, while others actually assess lower taxes.

If you want to get a better read on whether the price of an Overland Park office space for lease is fair and accurate, doing a little background research into factors like these might be useful.

Want to learn more about Overland Park office space for rent? Give us a call at 913-685-4100 and feel free to ask us any questions you have about Southcreek properties!

Overland Park Office Space for Lease

So you have narrowed down your search for Overland Park office space for lease and you are getting ready to seriously and consider and sign a lease. Before you go forward, make sure that you fully understand all of the details of what you are signing. Here are a few topics that you might want to discuss with a commercial real estate agent or a potential landlord before committing to a lease:

Cost. A real estate agent or some careful research on your part can help you find out what the average lease costs in your area for a basis of comparison. Remember that areas that are high-traffic or more desirable for various reasons will cost more than areas that are less desirable. Be sure to find out not only what the cost per square foot is, but also other costs included in the final price, such as common area maintenance, property taxes, utilities, property insurance, or trash collection. You might also want to inquire about what the space itself includes—the “shell” (walls and concrete floors), or more than that?
Traffic. Is your business one that relies heavily on foot traffic, as in the case of retail or restaurants? If so, you might want to ask about the traffic numbers in the property area you are considering. A business that is a destination will need to make sure the property has ample and convenient parking for customers. A good commercial real estate agent should be able to provide you with demographics, car counts, and any other necessary information.

These are just a few things to investigate before signing a lease to make sure you are getting the best deal on office space in Overland Park KS for your business (check out the next post for more)!

If you have any questions about Southcreek Office Park’s available executive suites in Overland Park, give us a call today at 913-685-4100!