Leasing Considerations
While there are many things to consider when leasing office space below are a few budgetary items that are important for companies to be aware of.
Financials - Most landlords require some sort of financials to show the ability of pay rent. This is usually in the form of profit/loss statements, balance sheets, or the last 2-3 years of personal income tax returns. It's a good idea to have this information readily available for when the landlord requests it
Insurance - Businesses that lease will need property insurance and general liability insurance. Property insurance is sometimes dictated by the mortgage company. General liability is for your protection. Most landlords require that you carry a $1,000,000 to $3,000,000 policy. This generally costs between $500 and $3,000 per year.
Security Deposit & 1st months rent -
Are required at lease signing. The security deposit is generally equal to a $$ amount equal to the last month of the lease term.
Wiring for phone/internet - Is always the responsibility of the tenant. The ideal situation would be to find a space that is already wired from a previous tenant. If the space you like is not wired the way you want then expect to pay about $75 to $150 per data/phone outlet.
Other services or products that may be needed - Phone/Internet service, New/Used furniture, movers, printing & copying services, website design, payroll processing, etc...
Our goal is to help facilitate the entire move process for our clients. If you have any questions or need referrals for the above services please don't hesitate to contact us.
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