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There are many types of offices available, and these may range from the very basic type of space, possibly a conversion from another type of use, to first class, right-up-to-date, modern, purpose-built, grade-A offices—workplaces for professionals such as lawyers, investment banks, accountants and the like.
Whether you are a landlord or tenant, seller or buyer, there are still a variety of issues to consider when dealing with office space. But no matter what you need to know about offices, one of our professional commercial property advisors at Century 21 can help you out.
The first major decision for many office users, though, is whether to buy or to rent. As a generalization, many banks, investment banks, and major corporations will want to own their HQs (unless they want to keep a light balance sheet), but many other occupiers prefer to sign a lease and pay rent. This may be as they are a start-up business or plan to expand or move in the future and, hence, need the flexibility leasing office space can bring.
What to Consider Commercial Offices Real Estate
Investors in the office sector need to be aware of technological and design trends in the office market, but other primary considerations to take into account when looking to buy, sell or rent office space include:
Is the office space conveniently accessible for customers of the business and/its employees close to highways or mass transit routes? Will the property’s location hold its value?
Do the specifications such as high ceilings, plenty of natural light, size of the floor plate, and availability of fiber optic cabling for high-speed internet access meet the needs of the occupier? Is the property reasonably easy to maintain?
Can the premises be used for the purpose the occupier desires? Is the use of the space designated by the building owner or the local authority? Some offices may have a dual function as a showroom or as a place for customer services or payment of bills, and there is a fine line between office and semi-office use. Visitations by large numbers of customers may not meet the landlord’s building policies, for example;
These vary and some key questions need addressing, such as
DURATION OF LEASE
1 year, 3 years, or maybe even 10 years; and is there a right or an option for a tenant to renew the lease after the first period (the "Term") expires?
How is the rent calculated, is it only on the space occupied or is a share of the common area included in the “usable (chargeable) space”?
And, importantly, is the lease for the office space you are looking at a Triple Net (“NNN”), Double Net (“NN”), or just Net (“N”) lease. If you don't know what these terms mean, or are unsure, best ask one of our professionals.
COMMON AREA MANAGEMENT ("CAM") FEES
How much are these, and who pays? This is linked to the answer about NNN, NN, or N leases!
How much is this and what is it for?
Are plenty of spaces available and/or is there a charge for usage?
Century 21 commercial office specialists are knowledgeable about all of the above issues and can provide a full service regarding your office needs.
Whether you are a landlord or a tenant, a buyer or a seller, all you have to do is call or email us now!
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