Every startup experiences rapid growth and all of a sudden working space is no longer suitable. Finding the right space to lease and firming it up can pose a challenge for a new entrepreneur. But beforehand, your startup may be ready to rent its own space, but you should consider the business owner as well if he/she is also prepared as well. Importantly, when you look for an office space to lease, make sure that you receive guidance from the right professionals to avoid unnecessities.
If you don’t know what to do next when your startup is ready to rent an office on its own, try to read these five elements before you begin the lease process:
Get the financial documents in order.
When leasing office space Cebu, ensure that all of the documents are in order and ready. Prepare everything that is needed such as financial references, tax returns, bank statements, and as much as 12 months’ rent. So that when the owner of the office space asked for a security deposit, you are already set to give what you are asked for.
Seek expert advice.
Before you start looking for office space, be sure to have the right advisors. Make sure to have someone who specializes in representing tenants, particularly startups. Since startups have special needs, tenant brokers could mean a lot of help for you. Tenant brokers represent and owe loyalty to tenants. So hiring one will cost the company nothing.
Before everything else, make sure to have a real state attorney who can handle leasing transactions in the relevant jurisdiction. They will provide you with valuable guidance, saving the company money, time and aggravation.
As an entrepreneur as well, I suggest not to negotiate a lease without expert advice. It will only lead to increased costs, delays, and potential problems.
Leave room to grow.
Office space is expensive that’s why renting adjacent space could put a real challenge. With that being said, make sure to lease office with extra space and leave a room for your startup to grow. You should consider the future outlook and how your startup will rapidly expand. When that happens your startup will be needing to accommodate more employees, and if so where will you be going to put them? Reducing costs in Cebu seat leasing is usually a motivator in utilizing space. But you should maintain flexibility in your business by leaving a room to grow.
Watch out for all-in costs.
Be wary of your all-in costs. The property owner might be marking up the cost of electricity or anything and make more money from you. This is also why you need a tenant broker because a good broker can help identify hidden lease costs and has a good understanding of market terms for free rent and owner contributions.
Firm up special requests.
Besides determining whether the tenant or the owner will build out the office, a company may have certain necessities for electrical energy, staircases, antennas, air conditioning, backup power, soundproofing and kitchen facilities. Most lease forms will accommodate essential services from the owner. Anything out of the ordinary requires arrangement documentation in the lease.
