Tips For Leasing Commercial Property In Philadelphia/pa Office Space

Commercial Property Philadelphia/PA Office Space Leasing – Getting Started

Find a real estate agent you trust to help you locate commercial property in Philadelphia/a PA office space. Agents have the inside view on what properties will hit the market soon, and can help you find the best property for your business. Before visiting any locations, make a list of your requirements and share them with the real estate agent. Factors to keep in mind include space requirements, your monthly rent limit, parking options (will there be enough on-site parking for employees and customers?), amenities (lunchrooms, restrooms), right down to the number of electrical outlets.

Commercial Property Philadelphia/PA Office Space Leasing – Space Requirements

It’s important to estimate your future space requirements while you’re calculating your current space needs. Search online for a tool to help you calculate the amount of square footage you require. It’s generally a good idea to allot 175 to 250 square feet of space per employee.

Commercial Property Philadelphia/PA Office Space Leasing – Visit the Space

Visit potential PA office spaces to see if they meet your expectations. Bring your list of criteria, and check each item off the list. Are the locations easily accessible? Will your employees have to compete for street parking? Are the properties attractive, or will they scare off potential clients? As you visit different PA office spaces, take note of important features and any necessary improvements. Discuss these needed improvements with your real estate agent.

Commercial Property Philadelphia/PA Office Space Leasing – Rates

Contact managers of commercial property in Philadelphia to get rate estimates, and compare PA office space rates you find on the Internet. Rates are usually quoted in dollars per square foot. For example, if the base rental rate is $20 per square foot, the base monthly rent for a 1,850 square foot office would be about $3,083 per month.

Commercial Property Philadelphia/PA Office Space Leasing – The Lease

Before signing a PA office space lease, have a face-to-face conversation with the building owner, and read the lease terms carefully. If you expect your business will grow dramatically, don’t lock yourself into a long-term lease! Consider finding a real estate attorney specializing in lease negotiations, preferably with experience dealing with your type of business—lease negotiations can include tens, if not hundreds of terms. Read the lease carefully—there may be additional expenses that may not have been discussed. Be sure you understand all the terms and conditions, and rules concerning extending the lease, repairing items, signage restrictions and more. Don’t be afraid to negotiate your lease terms!