Smith + Schwartzstein
Located In Morristown, NJ and New York, NY
973-532-2962

Get a good deal when getting a lease for office space

In, Morristown, NJ, business transactions happen every day, including the signing of commercial leases for office space. Those leases are governed by contract and business law and can be an object of contention between lessors and lessees. The potential for issues makes it critical that all involved parties are clear about what they want upfront.

When looking at office space, you should decide how much rent you are willing to pay for it. You may choose a better location with a smaller suite or a bigger suite at a less optimal location, depending upon your needs and your preferences. Since price will figure into the decision, you might as well negotiate for the best price that you can get. This may come in the form of a lower monthly rent or maintenance fees, or it may come in the form of a certain number of months of free rent.

You will also want to make sure that operating expenses, such as grounds keeping and maintenance, are included in the rent if at all possible in order to preclude those from being an additional cost to you. Additionally, you can ask the property manager if they have a fund for tenant improvements, as that will be money that you can use to make the office space fit your needs.

You may also want to work with a real estate broker who has the expertise to help you find and secure the best possible space with excellent terms. You may even be able to get the broker's fees paid for by the property manager, since they are in effect being brought business by the broker.

To make sure that you won't get hit with the costs of basic systems going wrong, make sure that your lease addresses who will pay for repairs when there are issues with the HVAC, plumbing or electrical systems. Repairs to those systems should be covered by the property manager.

Source: Swift Capital, "10 Things to Know Before Signing a Commercial Lease," accessed Jan. 05, 2018

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