The do’s and don’t’s of your tenancy assessment
When choosing your office or commercial premises, there are many things to check in order to take advantage of your tenancy inspection. It’s the best (and easiest) way to find out if the space is right for your company’s needs.
Take a read of the commonly overlooked do’s and don’t’s when preparing for your tenancy assessment:
- Always try to bring along an office fitout specialist with you to inspect the space and services. Their knowledge and experience in the field will help to avoid any easy-to-miss hiccups that could cause some bigger problems later down the track. They’ll also be able to help you prepare a dilapidation report, if needed, for the end of lease make-good.
- Inspect other tenancies in the building to see how they’ve used their space, how much they fit into similar spaces and speak with other tenants about the building facilities strengths and weaknesses.
- Develop a “concept plan” to help keep you on track. This will help bypass the illusion of a bigger space to see if your commercial needs will actually fill a space.
- Always get a budget benchmark for your fitout needs with a specialist. This way, you can run your plan by the landlord and negotiate before you sign a lease, avoid any unnecessary surprises.
- Stay in touch with your Legal Representative and Accountant before committing to a lease, and run any big decisions by them.
- Avoid going into the inspection without a second opinion with you. Just like finding the right home for your family, finding the right commercial space will take time and multiple opinions. An experienced and knowledgeable stakeholder should be considered to help you assess the space against your requirements.
- Don’t commit to the space without understanding a few key things. This includes, the Owner’s Contribution, the costs for any fitout changes you’re looking to implement and make-good costs for the end of your lease.
- Don’t forget to get your final lease contract looked over by your Lawyer and Accountant. They’ll shed light on any financial obligations you may have to uphold at the end of your lease.
- Don’t assume a space will work based on your current office setup. Moving to a new space generally implies new furniture, new structures and even the addition of extra recreational areas. It’s often better to plan out the exact space you need with your new structures before looking at office floorplans.
- Don’t make assumptions on fitout costs based on any previous projects. Get in touch with a specialist and see how they can find the best options for your budget – you’ll be surprised at how much you’ll actually be able to do.