If you’re ready to take the plunge and lease office space for your business or startup, your next step is understanding what exactly that deal entails. You have questions, and we have answers about what to expect when signing your office lease contract.
What to Know About Office Lease Contracts
A Simple Definition
An office lease contract is, at its most basic, a legal document between a landlord and a lessee that establishes terms for payment, general maintenance, and other behind-the-scenes stuff that goes into keeping an office space running well. Office leases are commercial leases, meaning they differ substantially from the leases you may be familiar with (from renting a home or leasing a car). Commercial property refers to any nonresidential business property. It could be a warehouse, retail store, or, of course, an office suite.
So, what is an office lease? Inside you’ll find all the legal and financial terms for renting an office laid out for you before you sign anything. Make sure you’re reviewing it thoroughly, and read on for our tips on what to look for in an office lease contract.
What to Look For in a Good Office Lease Contract (And What to Avoid)
Since the range of what commercial leases cover is much broader than that of a residential lease, an office lease contract will be different from what you’re probably familiar with. But there are some similarities to residential leases, too, so let’s cover some of those so you can begin to familiarize yourself with an office lease contract.
The most essential term of a lease is monetary, namely: how much is it to rent an office in Nashville, TN? The monthly cost is critical for startups and established businesses alike, and making sure your office space isn’t going to break the bank is obviously a primary concern. When looking at possible office space, upfront costs like deposit and rent will be front and center. But there are possible hidden costs to consider when taking on a lease. In most commercial leases, the responsibilities of routine maintenance and upkeep fall on the landlord. That said, there are scenarios where the tenant may have to take care of some or all maintenance responsibilities – this can be a bit of a red flag for an office lease contract. If your prospective landlord isn’t interested in providing even basic maintenance (things like heating and air conditioning repair or landscaping), you’re probably going to want to move on to the next option. Other upkeep services like janitorial cleaning services or private security may pose cost and privacy concerns. Does it cost extra to have cleaners for your office space, despite it being a simple task of vacuuming and taking out the trash? For startups looking to cut costs, a high, built-in cleaning service fee can be a deal-breaker. Other cost-related items to consider include parking and amenities for your employees (like break rooms, showers, WiFi, and other facilities). A commercial lease contract should detail what is and isn’t included for you and your staff to the letter.
Money is a huge aspect of an office lease contract, but it’s not the only thing you need to think about. Don’t let it blind you to the other important details of your lease contract. Another key detail to look for is information on your prospective office’s ADA compliance. The Americans with Disabilities Act was established to ensure that any business space open to the public is accessible to people with physical disabilities. Find out what your tenant has available for ADA compliance. Odds are, if they’re already leasing commercial space, they will have details on this. Still, it’s pivotal to check, because legal responsibility is often on the tenant.
Besides cost, another concern for leasing an office space is the potential for growth, both financial and spatial. When things go well, you’re going to need to hire more people, but does the lease allow for expanding space? Is there any room left in your commercial lease, or are things going to be at capacity? It’s hard to see into the future, but knowing that your landlord has options in place for adding space to a lease when necessary is the reassurance you need at a time like this. Renovation costs are generally the responsibility of the landlord at the beginning of a lease, to make sure that they’re providing a great space for your needs. In some cases, these responsibilities can be split when the renovations are extensive or unique.
Finding Your Perfect Office Lease in Nashville
There is no shortage of Nashville office space for lease, but finding a great space isn’t always easy. If you’re looking for an office lease contract that’s easy to follow, generous, and legally sound, look no further than Center 615 in the lively and beautiful Five Points neighborhood. And don’t expect our space to just look good on paper! Center 615 has thousands of square feet of available office space ready to be customized to suit your particular needs. Located on a modern and well-maintained campus, Center 615’s buildings and office suites are clean, safe, and, most importantly, affordable.
Office suite options start at private offices for teams of 2 or fewer for just $975 a month, with furnished options that defy the boring beige you’ve come to expect from an office setting. Included with any office lease at Center 615, our amenities are plentiful. From free parking and GoogleFi WiFi to a shared fitness room and free, themed conference rooms for any meeting you can imagine, Center 615 has something for every business. Even if you’re starting small, you can grow with confidence here, knowing that expansion is as easy as modifying your current lease contract. You won’t find muddy, confusing legal amendments or second leases here. Center 615 is committed to its tenants, and we offer a great deal of flexibility in work hours and weekend access for anyone with rented space. Whether you’re working solo and just beginning the hiring process, or hoping to collaborate with other business owners in an exciting locale, we’ve got you covered.
An office lease contract doesn’t have to be seventy pages of the most confusing (not to mention boring) legal language you’ve ever read. If you’re ready to find an office space for rent in Nashville, Center 615 is the perfect place to start. We are confident that we can impress you with our offerings, and keep your business and trust with flexible, clear office lease contracts for your needs. Ready to see what we’re all about? Schedule a tour today.