Whether you are choosing a first office space for your new business in Del Mar, move all or a part of your operations, or expand your portfolio, there are things you must think about in terms of commercial leases. Negotiating a commercial lease is the most important step when leasing commercial space. And some factors can be overlooked in a lease when you are not careful. The tips below can take the commercial lease process with ease and make sure you get the right space at a reasonable price:
Work with a Team of Experts
You should know that the commercial leasing process requires a high level of expertise. By working with experts when you look for offices and negotiate with the landlord is important. Real estate brokers bring a wealth of knowledge and experience and their services are paid for by the landlord. These brokers will assist you as a tenant representative.
Consult your team for input and create a list of priorities. Then, take into account how your strategic plan may affect your future needs. Also, study the market in the area to know the trends when it comes to amenities and rent. Know your business needs and match the property to these including location, proximity to major highways, and neighboring businesses.
Calculate the Costs
To calculate the leasing rates for Del Mar office space for lease you will consider more than just the rental cost. You must be mindful of any taxes or fees that you will be charged or maintenance needs the space will require while you occupy it.
The average office lease rate in Del Mar is $4.26 per square foot. But, lease rates may differ if you are looking for Class A, Class B, and Class C office spaces. The office vacancy rate is 16.37% which means that in each 100 office spaces, 16 are available for rent or lease.
Get the Most Out of Office Tours
As you tour an office space, consider how the space and the building will reflect on your brand. Make sure to tour every shared area in the building and visit more than once at different times, so the day. Don’t forget to pay attention to small details such as parking availability and elevator situation during peak hours.
Lease Some Flexibility in your Lease
No company can predict what the future holds accurately, so you must make flexibility a priority. If you prefer a long-term lease to get an edge during negotiations, ask for a lease clause that will help future-proof the agreement. Examples include the right to early termination, co-tenancy, as well as the right to sublet and assign.
Longer lease terms may benefit you if you have to spread out the expense of tenant improvement that you paid for. This will offer a longer period to pay back this expense. Don’t forget to consider the renewal terms.
Negotiate the Best Deal
There will always be an option to negotiate the lease until it has been signed by both parties. Create a list of all the provisions you do not like when you read the lease. Send your list to your possible landlord. Many landlords are willing to change to secure occupancy.