Looking to purchase or lease professional office space? There are many things to consider when searching for the perfect location for your office. Not only do you want a place your employees and clients will enjoy coming to, but you also want to make sure you aren’t paying out of your price range. Professional leases can be filled with a lot of legal jargon. Often, local businesses will hire a lawyer in East Brunswick NJ to provide legal advice when it comes to leasing or purchasing office space. Read on to learn 5 things to consider when finding a property to lease or purchase for your office space.
Location & Price
Location and price should be the first things considered when finding a new office space. Your location is important because that will directly affect your business. For example, if you own a medical office, you might want to be in close proximity to the local hospital. If you own a real estate firm, you will want to locate your office close to the area where you sell the most homes.
In addition, you want to find an office that is located in a nice, safe area so that your employees and clients feel safe and comfortable coming to the office. Also, check out the exterior of the building. You want to find a place that looks like it is well kept and not dilapidated. Remember, when clients come to your business, the first thing they will see is the exterior of the building, so you want to make sure it makes a good impression.
Price is another key thing to think about. Before even looking for a place to purchase or lease, come up with a budget. Consider all of your expenses and what makes sense with your business model. As they say with real estate, you don’t want to be house poor… or in this case, office poor!
The interior space is another important thing to look at when searching for a professional office. As you tour different buildings, make sure you like the layout and that the office has enough space. Also, if the space needs renovating or a lot of repairs, make sure that is something you are factoring into the budget.
Other Tenants in the Building
Another factor to consider is the other tenants in the building. If there are big-name tenants that share office space in the building, this is a good thing. More business will be drawn to the building and it will be considered a higher end office space to occupy. If possible, try to talk to some of the other tenants in the building. They can give you a good idea about how it is to rent in the building and how easy it is to deal with the landlord.
Lease Terms and Lawyer in East Brunswick, NJ
If you have decided to lease professional office space instead of purchasing, the lease needs to be carefully analyzed. Leases typically contain a lot of legal language and it is best to have a lawyer help you. Professional office leases are a bit different than residential leases. First, the terms are generally longer than one year. Commercial leases are typically anywhere from 3-10 years long. Some are even as long as 30 years. This is very important to understand when you are signing. While you may feel comfortable gambling on a space for 3 years, anything longer could be riskier if you are not 100% sold on the space.
The lease will also state your exact responsibilities. With some leases, the tenant is primarily just responsible for rent. With other commercial leases, tenants are additionally responsible for other expenses like utilities, insurance, and maintenance. Also, figure out how your lease ends. Does it automatically renew or do you need to let the landlord know within 60 days of the lease end date if you plan to renew. These are all very important things to consider that your lawyer in East Brunswick, NJ can help with.
One more thing to consider in relation to the lease: a lease is not an end all be all. You should negotiate the lease to make the terms better for you. Landlords expect negotiations to occur, so often you will be able to get them to bring down the monthly payment. This is also a time to discuss future renovations you want to do to the space and things like getting signage for your business put up on the exterior of the office.
Get the Help of a Lawyer in East Brunswick, NJ
Purchasing or leasing a space for your professional office is exciting but can also be slightly stressful. Between finding a good location and analyzing lease agreements to make sure nothing is missed, it is a lot of work. Hiring a lawyer in East Brunswick, NJ is a good first step to putting your mind at ease. Lawyers are very knowledgeable about commercial leases, lease negotiation, finding the best office location, and more. They can help ensure that you are making the best decision possible when finding a new office space. They will also make sure nothing legal falls through the cracks as you sign your lease or purchase your office.
Getting a professional office space is a big decision. With longer lease terms and your business depending on your new space, finding the perfect office can be stressful. Before starting the search, create a budget so that you know which properties are in your price range. Next, figure out where you want your office to be located and begin to tour some spaces that are on the market. Carefully analyze the interior and exterior of the offices to find a place that is attractive, well-kept, and will do well for your business. Also, look at the other tenants in the building. This is a good indication of how successful the office is. Don’t worry if all of this sounds overwhelming. With your lawyer in East Brunswick, NJ at your side, you will have help every step of the way. Bowne Barry & Barry have worked with businesses for years to find their perfect office space and to analyze and negotiate lease terms. For more information about the services we provide and to schedule a consultation, contact us today.