You ironed out your business plan, have a few potential employee candidates in mind and feel ready to find the right commercial space in Oklahoma to call your business base. If this is your first time leasing commercial space, what do you know about navigating the process?
Gain insight into leasing an office the right way. The proper info can save your business and your sanity.
Understand your business goals
Where do you see your company in the next five or 10 years? Depending on your business goals, you may want to lease a bigger space that you can grow into. Or, you may need an office space with special equipment for upcoming business projects or objectives.
Look out for hidden fees
Once you find the right space, carefully comb through the contract for hidden fees. Ask about fees for advertising, insurance, rent, percentage rent, administration and management. Have a commercial real estate professional look over the agreement to ensure it benefits and protects you as much as you hope it does.
Remember repairs and maintenance
Something else to look for in a lease is how the owner handles maintenance and repairs. Specifically, do you have to pay for repairs and maintenance, or is there a limit on how much you have to pay? Finding a space with a warranty can help control such costs.
Ask about cure/remedy terms
If something unfortunate happens while you reside in the commercial space, how does the owner cure/remedy the situation? You do not want to risk a permanent default because an unforeseen disaster renders your office unusable.
Your choice of office space can uplift or sink your business. Take your time to find the right lease; recognize how to protect yourself and your company.