Vancouver is home to one of the largest and most diverse business markets in the Western World. With a thriving culture of startups, multi-national corporations, and everything in between, there’s no shortage of hustle and bustle to be found on the streets. Combined with a competitive real estate market and heavy demand for space, finding the right office to suit your company’s needs can often feel like an insurmountable challenge for office managers and owners. If you’re on the hunt for a new property to lease, there are a few things you’ll want to keep in mind before signing on the dotted line with your hard earned capital. Below are a few aspects to be aware before committing yourself to a lease within Vancouver.
Is There a Tenant’s Improvement Allowance?
One of the most important aspects of choosing an office space is the marriage between aesthetics and function. Even if you’re operating a call centre that isn’t customer facing, having a visually appealing space can go a long way towards maintaining employee morale and helping you put your best foot forward. In addition, you also want a space that is kept up to current bylaws for safety reasons. A tenant improvement’s allowance can go a long way to helping you make the most of your new space, and can often be negotiated on if you plan on occupying the building for a significant period of time.
What Is Your Renewal Period?
Being aware of your renewal period will help you avoid being locked into a place should you want or need to vacate the space by the end of your lease. For many properties, the tenant has a window that is usually 6-9 months before the lease expires to let the landlord know whether the tenant will be entering into negotiations to stay in the space or vacate. It’s also worth noting that renewal periods are a great time to renegotiate the terms of your lease.
Need help ironing out renewal agreements? We’re here to help!
Are There Any Additional Rental Fees?
Oftentimes, landlords may try to hide additional fees (often called additional rent or triple net) for building operations, maintenance and repairs, security, cleaning, and other aspects in the fine print of your contract. Going over your lease with an experienced legal team can help identify any buried flags you need to be aware of or go back to the landlord to delete out of their calculations.
Are There Any Restrictions Of Use?
Even if your space is perfect for your operation today, it’s important to be aware of any stipulations that may hinder your growth in the future. You may also want to be aware of your ability to sublet and more.
Know Your Tenant Rights
Navigating commercial tenant’s rights can be tricky. Working with an experienced legal team means you can move forward with confidence. If you need assistance finding the perfect space for your company, startup, or individual proprietorship, Paperclip Law is here to help. Contact our team today to learn more!