One way to be a sharp office space hunter and a savvy lease negotiator is to know the terms associated with this process. Knowing the names of the different types of rents and fees or different types of spaces and services can help you pinpoint exactly what you are looking for in a commercial space and be able to articulate that to landlords. Here are a few terms to know:
Hot Building: A building that has more than one Wi-Fi hub, versus having just a single hot spot area of the building. Because of today’s increased need for wireless technology, a lot of new buildings are being designed as “Hot Buildings” in order to draw in larger businesses and new tenants.
Additional Rent: Costs that a tenant might have to pay for items besides usable square footage or other regular rent costs, such as HVAC, Common Area Maintenance (CAM fees), after-hours services, percentage rent, or any other expenses that are not covered by base rent.
Shadow Market: Vacancies on the commercial space market that are technically “unseen” or “unofficial” spaces that are available because of subleasing and/or extra space that a company has leased but is not actually using.
Knowing about random terms like these before you begin searching and negotiating could help ensure that your business gets exactly what it is looking for in a commercial lease!