Real Estate Guide

Negotiation Tips That Can Help To Find A Shared Office Space In Boston

Finding the best office space for renting in Boston can be quite an uphill task. To overcome this difficulty, a business owner in the city can opt to share office space. People looking for shared office buildings should bear numerous things in mind. They include location, size, equipment and furnishing. Even when they find a space that suits them; several more things still have to be considered, the likes of negotiations.

Analyze the rental agreement

It is ill advised for potential tenants to simply sign a rental agreement without first analyzing the fine print. As much as such documents are in most cases lengthy and full of terms that may be difficult to understand, it is vital to spend some time going through them. The failure by office tenants to go through the rental agreements they sign carefully can result in finding themselves in difficult situations later on during the tenancy. A lawyer can assist in clarifying anything that may not be clear.

Start negotiations early

Some business owners hoping to find a shared office space in Boston usually wait until their current tenancy is about to expire before they start looking for other office space. Waiting until the last minute to begin the search and negotiations is not a good idea. This is because many other businesspeople will also be looking for suitable and affordable commercial space as well. With that in mind, it is advisable to start looking for a new office several months in advance before they are required.   This will provide people with adequate time to look for the right shared office space as well as a lot of time for negotiations. By doing this, there is a better chance of reaching rental agreements that satisfy both parties.

Do some research

Business owners should never start negotiations without conducting some prior research. They should gather as much information as possible about the office, and enquire if the property is really worth the amount of rent asked by the property owner. One of the main factors they should put into consideration is the location. Is the area desirable or is it a high-crime area? Another factor to put into consideration is the amount of usable space to be shared. While many property owners will advertise the space's total area in square feet, only a percentage of such space can actually be used. It is also worth finding out if the tenants with whom the space is being shared with are okay with the idea.

Do an analysis of the costs

Prior to negotiating with the proprietor, the other thing that business owners need to do is analyze the associated costs of the office space to be rented. This is inclusive of things such as utilities, taxes, furniture, and equipment in addition to the rent. The proprietor can make a list of all such costs on their comparison sheets to assist them in determining the space that will be most cost effective. Considering any possible rental increases is essential as well. The potential tenant should be informed beforehand of any future rent increments.

About the author
Gabriel Miller is a businessman and a former marketing manager for a real estate developer. He is transferring to Dubai in June to pursue another creative venture in real estate.
comments powered by Disqus