Many businesses DO NOT implement annual reviews on their Austin office lease contracts. Office lease payments can take up most of your company’s expenditures, which may place your company’s budget on the line. Assessing your lease expenditures can help you minimize unnecessary expenses. As a best practice you would be wise to review your lease contracts annually to make the necessary modifications, whenever necessary. You can save a lot of money by being proactive and resourceful when it comes to carefully planning your office space needs and leasing budget.
The following are some tips on how you can do your annual office lease reviews.
-Organize all documents related to office leasing filed in a certain place, where at least two people may gain access to it. Produce both hard and soft copies of the documents. Lease documents may take the form of lease agreements, addenda, amendments, exhibits and side agreements, for example, NDA’s and estoppels. Annually review these documents to keep yourself updated on upcoming lease renewal dates.
-Try to negotiate your leasing space according to your company needs and employee size. It is best to consult with an Austin Commercial Real Estate broker in order to assess your customized needs
-Keep copies of utility bill payments arising out of your rent and conduct annual studies on these bills paid. Doing so would enable you to assess the correctness of the bill amounts.
-Conduct an annual review of your company’s leasing needs during the holidays. Assess your company’s current and possible future developments, and come up with strategies to increase your revenues.
Leasing office space is one of the most expensive corporate expenses that you may encounter. As the New Year approaches, it is best not to procrastinate by planning your lease payments accordingly ahead of time, consequently, increasing your office’s revenues along the way.