5 Steps For Leasing Your Extra Office Space
Leasing commercial real estate is a great opportunity to improve your cash flow and fill vacancies. Spacepool makes listing your office space a simplistic and stress-free process.
The Benefits of Leasing Your Extra Office Space
The reasons to lease your extra office space are relatively straightforward. If your office has extra space, you can help improve cash flow and lower costs.
For example, if you recently downsized, you’d be able to fill that space, this could then become a regular source of income that you can rely on according to the terms of the lease contract. A second reason to lease an office is to share a workspace with other professionals. It can help to lead to potential collaborations in the future as well as promoting potential networking opportunities.
Overall, leasing an office can provide a more vibrant and dynamic work environment. Your space would also be more appealing to tenants in the future. Assessing your extra office space is a crucial step in preparing it for potential tenants. Here are the key points to consider:
Measure the Space
An accurate measurement is necessary when you’re trying to find a tenant. Take note of each room’s dimensions. Include common areas, private offices, storage spaces, and meeting rooms.
Evaluate the Condition of the Room
Inspect the office space and see if there is a need for any repair or maintenance needs. Address necessary fixes like damaged walls, HVAC systems, flooring, lighting, or plumbing. An office space that is well-maintained will attract more tenants that are of higher quality.
Amenities and Features
Be sure to note any unique amenities or features that your space has. For example, you could have modern furniture, a kitchen area, or conference facilities. High-speed internet access and ergonomic designs are other highlights you want to mention. Detailing these in your listing will help find a tenant.
Accessibility and Location
Make note of accessibility features like ramps or elevators. Also, consider if it is nearby public transportation and parking options.
Safety and Security
Be sure the safety features of the home are up to date with all of the laws and regulations. Take note of fire exits, smoke detectors, and security systems.
Preparing Your Office Space for Lease
Prepare your office space to make the best impression on the new tenants. First, cleaning and organising are essential to make it move-in ready. Consider contracting a professional cleaning team to give it a 5-star result.
Make Necessary Repairs
Have the space inspected and amend any necessary repairs that are needed. Repainting is also recommended.
Upgrade Amenities
Improve existing amenities like energy-efficient lighting or internet connectivity. If you are leasing it furnished, add ergonomic furniture. Consider making upgrades or improvements that can enhance the appeal of your office space. You can also add tasteful art and personalised features.
Finalising the Lease Agreement
When you have the right tenant, finalise the lease agreement. First, you should consult with a legal professional to look over the terms and conditions of the lease. It ensures it is legally sound and protects your interests.
Include all of the necessary terms and conditions in the lease agreements. This includes maintenance procedures, rent payments, payment schedules, and any rules.
Deliver the lease to the tenant and go over it to ensure both parties agree and understand.
Showcasing Your Office Space
Showcasing your office space puts it in the best light and helps to fill a vacancy quicker. Well-framed and brightly lit photos always perform the best. If you are advertising online, then professional photos are a must. Consider video walk-throughs as well to attract buyers from various locales. Finally, including a floor plan is an important factor for many potential tenants.
Selecting Potential Tenants
Finding the right tenants can involve a few crucial steps. First, have an idea in mind of what the perfect tenant would be like for your requirements. For example, identify the size of business or the type. Next, conduct a background check. Verify financials and obtain references. Also, an in-person meeting is a must, or at least a video call. Clearly communicate the terms of the lease with the tenant.
Leasing Your Extra Office Space with Spacepool
Listing your office on Spacepool helps connect you with the right tenants. By adding your office to our directory, qualified candidates will come directly to you. Save time by adding your office to the Spacepool network. Get in touch with us today if you have any questions.