An Office Rental Agreement is a leasing document signed after a landlord agrees to rent out an office or coworking space to a tenant for a certain length of time. The contract can be used for deals of all sizes, ranging from the rental of a single room to an entire building. The obligations and responsibilities of the tenant often increase proportionally to the amount of floor space they rent. Renting an entire building, for example, may involve establishing rules on parking, signage, repairs, the roof, and much more. Whereas the agreement for renting a single room may contain stipulations on what furniture can be brought in, what modifications can be made, and other less stringent conditions.
Download: Adobe PDF
Download: Adobe PDF
Whether you’re a business that has extra office space to rent or you’re the owner of a commercial property looking to find tenants, renting out office space is a relatively straightforward process.
If you’re currently renting office space, you’ll need to check the lease to see if it permits subleasing. If it’s not covered in the contract, you can most likely sublease legally. However, the landlord should be contacted to inform them of your intent to lease a portion of the office. This gets everyone on the same page and avoids unnecessary confrontation later on.
The office should be:
- Have all outlets in good working order;
- Accessible to bathrooms;
- Be wifi-ready (or already installed); and
- Have its own door (or a means of ensuring privacy).
To increase its desirability, the lessor should consider furnishing the space (think desks and chairs), providing storage, including access to facility amenities (if not already included), and so on.
Determining an attractive, yet reasonable price for the office is oftentimes the most important factor. The rent needs to be able to cover all expenses while maintaining cheap enough to attract potential tenants. It’s best to begin with expenses and then add on a supplemental fee to account for profit. This prevents the landlord from agreeing to a deal that results in them losing money due to expenses they didn’t consider.
The office rental agreement is used to cover the specifics of what the tenant can and can’t use the space for. It includes the rent they’re obligated to pay, the security deposit (if any), what insurance(s) they need to purchase, how they can go about using the space, what utilities they’re responsible for, and clauses used for protecting the liability of the landlord and the tenant.
Once the space has been prepared, it’s time to make it known to potential tenants. Listing online is the easiest option, as the pool of users is massive, ads can be edited on a moment’s notice, and there are numerous platforms one can choose, which include: