Business owners should definitely find out about the security deposit before they sign an agreement to lease an office space. In the past, proprietors allowed tenants to lease an office area with a months deposit, corporate guarantee, and they would even include a full tenant build-out allowance. Other property owners might have required their tenants to pay only a one-month deposit, which was a standard practice. The security deposit was based on the entire area that was leased out to the tenant. Depending on the location and size of the office, a security deposit could easily be a huge amount.
How Much Will it Cost to Lease an Office Space?
These days, it will take a lot more for a prospective tenant to lease an office space. Commercial property owners will normally request a two-month deposit along with two or three different guarantors. Bear in mind that this does not include build-out allowances. Business owners can expect the deposit to be at least $50 to $60 per square foot, which is a much higher rate compared to many years ago.
Hire a Commercial Realtor
To get the best deal for the leasing of an office space, it is highly recommended that business owners hire a commercial real estate agent. These agents are able to negotiate the lease term, fee, and even the deposit. Typically, commercial realtors will interview their clients to find out about their budget, preferences, office needs, and other relevant issues. In doing so, it allows them to find suitable and affordable office spaces for their clients.
How to Find Commercial Realtors
The quickest and easiest way to find commercial realtors is the Internet. Entrepreneurs can find reputable commercial realtors within 30 to 45 minutes and this includes a thorough background check on each candidate. It is highly recommended that they take the time to interview the realtors before they make their final decision.
If you are interested in finding out more, please contact Scott Galin at 646.783.3750 or click below and we will get right back to you.