Key things to look out for in an office space lease?
What are some key items to watch out for in an office space lease? We're renting a small space and don't have the resources (bootstrapped) to also hire a lawyer just to review the lease.
2 Answers
Sorry to not stay on point, but do you really need an office space if you are bootstrapping? If you are in or near a major metro area, you could sign up for a co-sharing space where you can rent conference rooms for meetings with a team or clients or rent a desk by day, if needed. Check out WeWork and search for similar companies, there are so many with slightly different models so there is something for everyone. Also, if you need to meet with clients, you could probably get a better location through an office sharing place than afford on your own.
I feel the key to bootstrapping is not to commit to any kind of long-term expenses. That money can be spent on freelancers, marketing, branding, etc. Remote teams are very common these days, so many businesses cater to this growing in popularity trend.
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100% agree. It'll cost far less when you consider furniture and other supplies that will also need to be purchased with a traditional office space. – Bruce Schwartz 10 years ago
You should consider @Webbie's advice about going with a shared office space instead.
Here are some things to look for in a lease (some of these apply to shared spaces as well):
- Amenities included
- Is the "Tenant" identified correctly?
- Is it clear what exactly you are leasing?
- Is the lease clear regarding the condition of the premises at the beginning and end of the term?
- Is it clear what you will be paying?
- When will your occupancy period and rent periods begin and end?
- Where are rent payments supposed to be paid?
- What are you going to be responsible for maintaining?
- Are you going to be properly insured?
- What will it cost if you remain in the premises after the lease term ends?
