1. What You Need to Know Before You Sign the Lease
Growing a small business is a big commitment and often one that requires a significant financial outlay.
Many expenses need to be accounted for, including renting an office space. While you might have started your business working from home, using remote teams, you might eventually need to get an office to ensure your company’s ongoing growth.
With companies now returning to the office after the events of the past few years, office leases are rising, and while some businesses might be experienced in leasing office space, others might not be.
If you’re unsure about what leasing an office space for your company entails, then here’s our beginner’s guide for small business leaders.
2. Damage to the Property is Your Responsibility
If the property is damaged while you rent it out, even if the issue is beyond your control, then you will have to pay to rectify the damage. If your business has general liability insurance, which helps protect your small business from claims that it caused bodily injuries and property damage. Companies such as The Hartford also offer commercial property and commercial umbrella insurance, which can assist in cases of natural disasters and any damage to properties rented by your business, so you can rest assured that you won’t be left with a hefty bill if disaster strikes.
3. Office Spaces Come in Many Different Types
When you think of an office, you probably imagine a sterile space filled with cubicles, but that isn’t the only option available in today’s competitive commercial real estate market.
There are now many different types of office space available to rent, ranging from individual desks in shared spaces to complete buildings dedicated to one company. The type of rental agreement also differs depending on the type of commercial property you take on, so you need to explore all your options and work out which will best fit your company culture and budget.
4. Commercial Leasing Laws Vary from State to State
Like most sectors, commercial leasing and real estate vary depending on where you are in the US. Many factors, such as the length of lease offered and the terms that need to be in your contract, vary from state to state, so you need to make sure that you’re aware of the law in the state you’re leasing in.
Suppose you’re still undecided about where to locate your office space and start your business. In that case, you should review the commercial leasing and general business laws in each state you’re exploring to find the best one for your new organization.
Leasing an office space is different from renting a private residence for yourself, so make sure that you use these tips to understand what it entails before you jump in. You’ll then be able to find the perfect office space to kickstart your company’s future growth.