When it comes to choosing a commercial premises there are so many factors to consider that it can be a little overwhelming. From figuring out the various types of commercial leases on offer to trying to find a space that will meet all of your business’s requirements, it’s a time-consuming process. Combined with the fact that each Australian state and territory has different legislation governing leasing offices in Australia things can get confusing fast. There are, certainly, many barriers to entry.
As with most business decisions, it definitely pays to do your research and suss out all your options before negotiating a long-term commercial lease. Finding a property that satisfies all your business’s needs in terms of location, size, affordability and room to expand will definitely be a smart business decision.
Keep reading to discover how you can get started and secure the perfect office space in Australia.
Consider your Costs and Budget
One of the first things you’ll want to consider when it comes to leasing an office will be the cost. It’s important to always ensure that all the costs associated are upfront and disclosed in the lease as many costs can be hidden. For example, you may want to consider if council rates, land taxes and water charges are included.
In addition, you’ll want to project your estimated cash flow and consider what you can afford going forward because once you sign, you’ll be locked in by a legally binding contract for the duration of your lease.
Check the Fine Print
As with any legally binding document, you’ll definitely want to read the fine print before leasing an office in Australia. You want to avoid any surprises in the future and the only way to do that is to make sure you understand every element of the rental agreement and take the time to go through it carefully. If any point is unclear or ambiguous, be sure to confirm with the rental agency before signing.
Can you Make Changes?
Changes to the premises such as fit-outs are generally carried out at the tenant’s expense. How much will it cost you to fit-out the space and create a workable office for your business requirements?
When starting out your new venture, you’ll most likely be solely focused on creating and developing your exciting new commercial space but be mindful of make-good clauses. These require tenants to return a property to its original state at the end of the lease. The onus and cost will be on you to carry out and undo any changes that you require to the property. Even without this clause in the agreement, the landlord is still entitled to their property back in its original condition under the common law.
Do you Need Flexibility?
When you’re considering leasing an office space, you should consider whether you’ll need a certain degree of flexibility. If you’re new to business or currently expanding, then your office space should be adaptable and capable to grow as your business grows. Unfortunately, when you sign a lock-in lease, you don’t have the foresight to see how much or how little space you’re likely to need in the future so you lose this flexibility.
Consider your Options: Go Serviced
Now more than ever it pays to shop around and check out all your options, especially if you’re setting up or expanding your business in Australia. In these fast-paced, millennial-driven times, convenience and instant access are at the forefront and the office space is no exception to this. Relatively new to the scene, serviced offices are a game changer when it comes to the traditional commercial office space.
A serviced office provides you instant access to a fully operational office space, in prestigious locations in all the major Australian CBDs with flexible month by month contracts. They also come equipped with state of the art meeting rooms, IT services, 5-star interior fit-outs and a professional in-house support team.
With this professional setup at your disposal right away, you can continue growing and developing your business, instead of focusing on the fine print and other details of a long-term rental agreement.