(Newswire.net -- April 16, 2013) Minneapolis, MN -- J.G.M. Properties, Inc. has released a guide that focuses on the most important aspects that businesses need to look for in potential office space. As most small businesses lease office space instead of buying them, there a number of factors that they need to consider before doing so.
Location: An area where a business will be able to find local employees as well as attract potential customers is important; the location needs to be the best in terms of convenience.
Space: Computing the amount of usable space available per person is an important part of making the right decision about how to lease office space; the requirements may vary with the hiring needs of a business.
Budget: Planning a monthly rent payment that is at least 4-5% of the total operating costs is essential while creating a budget to lease office space. Businesses must also plan on paying a security deposit and the first month's rent upon signing the lease office space agreement.
Duration: J.G.M. Properties, Inc. recommends that businesses plan on signing at least a 3-year lease. One-year terms are also an option; however the best deal you’ll obtain is going to be on a longer-term lease.
Costs: The average monthly cost, heating bill, parking fees, and the common area factor fee that needs to be paid for maintaining the lobby, rest rooms, and the common area also need to be determined. Depending on the way the lease is structured (gross or net), the above listed expenses could be a separate cost associated with the lease for the office space. Be sure you understand the total monthly cost.
T&Cs: When you receive the lease contract be certain you understand the terms and conditions of the lease. Some businesses consult with a real estate attorney before signing any lease office space agreements. Some lease contracts have dozens of terms often included in them, which a lawyer can help them understand. If you don’t fully understand the terms and conditions, consult with a trusted attorney.
A representative of this Minneapolis commercial real estate company says, “Leasing office space is all about offering potential customers a physical location that represents the image of a company/business. There are a number of miscellaneous factors such as electrical and plumbing requirements, special access for deliveries from suppliers, payments for rental office space improvements, etc. that businesses need to consider before even thinking about how to lease office space.”
J.G.M. Properties, Inc., a suburban Minneapolis commercial real estate management company currently headquartered in Bloomington, MN has released this report noting the steps to understanding your needs when considering office for lease agreements. JGM’s primary focus has been on Minnesota office space for lease.
Cited Source: wikihow.com