Choosing Plano office space is one of the crucial parts in establishing a business. In some ways, the location represents the image of the business, so it has to portray the positive attributes of the business. Therefore, most business owners focus more on obvious details such as location, floor area and amenities. There is one important detail that is must not be overlooked and that is the lease agreement.
The lease for Plano office space is basically an agreement between the owner of the facility (lesser) and the person who will occupy it (the lessee). It is prepared and handled by the lesser (or their managing agent) and will cover all the details about terms and conditions of the lease. Before committing to this contract, it is very important to closely examine and analyze each and every detail of the contract so that everything is completely understood. This will prevent any unpleasant surprises surfacing once the contract has been signed.
This agreement for Plano office space covers a wide array of information depending upon the property’s size as well as the amenities that are included in the lease. Listed below are some items that are common to most types of office lease agreement.
- Lease term – The contract should include the terms or the length of time it will be valid for a particular Plano office space. This is indicated by a start and end date on the agreement. Typically, the terms have a minimum of one year but the length depends upon agreement reached with the lesser and may be negotiated by the lessee to meet that business’s needs.
- Rental Rate – Leasing Plano office space for commercial purposes requires a monetary investment, so one of the major things that should be carefully considered is the rental rate. When considering a rate, always ask if the rent is reasonable given the quality of the facility as well as the amenities that are included. Normally, a Plano office space located in a business center has a higher rate when compared to those located outside of the city.
- Lay Payment Penalties – Some agreements include a penalty for late payments. Look for late payment penalties as they can add up and certainly increase the rental rate if payments are not made timely. To avoid such payments, be sure that the date due for the payment is agreeable with your company’s payment schedule. The specific due date can usually be negotiated with the lesser so that late payment fees can be avoided.
- Escalation Clause – A lease may also include an escalation clause which gives the lesser the right to increase the rental rate in the event of an increase in certain costs to them such as utilities, taxes, etc.
- Scheduled Rent Increase – Usually, the rental rate for the Plano office space will not increase unless the lease is renewed. There are some instances when the lesser would indicate a scheduled rent increase in the agreement giving him/her authority to raise the rent rate during the course of the lease.
- Maintenance and Modifications – The agreement should also clearly indicate who is responsible for maintenance of the premises being leased. If the lessee is responsible for the maintenance, verify if the lesser requires a specific maintenance service vendor. It is also very important to confirm if the lessee has the ability to make modifications to the leased space to cover any needed changes.
Leasing Plano office space is one step to making your dream of having your own company a reality. Remember that it is always wise to invest some time in finding the right office with terms and conditions suitable for your business. If you are unsure about the terms and conditions on the lease agreement, ask for the help of a real estate broker qualified in commercial lease agreements. Just be sure that you know your Plano office space lease facts before you commit to an agreement!