Getting Started With an Office Rental How to View a Commercial Property

Article Written By: AvantaUK

Once you have found a potential office space for your business the next step is to request a property viewing, this process is fairly straightforward once the following factors are taken into consideration.

As an applicant you will need to contact the property agent responsible for the space in order to book a viewing. In addition to this, you ll also need to be prepared to provide some basic information. This includes your company name, address and contact details. The agent will also require some background information about your business and your motivation for acquiring a new office space.

It is important to have an idea of exactly what you are actually looking for – it s quite surprising how many enquiries we receive where people have not given much thought to what they actually need. For instance, some things you ll need to think about will include: what are the timescales for the move; why you are moving; what s happening to your current premises; what location you want including size and type; what your budget is or if there are any particular markets you want to be close to etc.

This is the kind of information that commercial property agents will try to ascertain in order to gain a greater understanding of your business needs, so they can match you to the best possible property they have on their books and avoid wasting your valuable time.

When you have found the ideal office space for your company, you will need to secure it by signing an office lease and putting down a deposit. However, in terms of upfront costs and deposits when leasing an office there really isn t a fixed set amount; it s dependant on the financial strength of your business. Generally speaking the kind of coverage they are looking for is for your net profits to be at least three times the annual rent amount.

If you can meet these criteria, then you will most likely be able to minimise the amount of the deposit needed. Anything less than the three times (annual rent as net profit) and the landlord will most likely look for additional security in the form of either a bank, or parent company guarantee, or a larger deposit.

Now that you ve signed your new office lease, you ll need to know when rent is payable to the landlord. Rent for a commercial property is normally paid in advance, every quarter and on what are called 'Quarter Days . It may be possible to negotiate payment dates but generally speaking these are when rent is due:

• 25 March – Lady Day

• 24 June – Midsummer s Day

• 29 September – Michaelmas Day

• 25 December – Christmas Day

We hope that the above has answered a few questions you may have had about deposits and rents in relation to office leasing.

About the Author

Patrick Maher, Director at APM, property management consultants has over 26 years experience within the commercial property sector in London and the UK.

You Can Link Directly to "Getting Started With an Office Rental How to View a Commercial Property" by using the url:
http://www.allbestarticles.com//finance/real-estate/getting-started-with-an-office-rental-how-to-view-a-commercial-property.html

This Article Has Been Published on Fri, 28 Jan 2011 and Read 114 Times

Find All Best Articles at http://www.allbestarticles.com

Rating: Not yet rated

Comments

No comments posted.

Add Comment

You do not have permission to comment. If you log in, you may be able to comment.

Related information on Real Estate

Why do I need a conveyancing solicitor when buying or selling real estate?
London Living: The Best in the World
Real Estate Toronto Neighborhoods and Property Hunting for Leases
The Affordable Secret of Mayfair Office Space
10 Ideas To Follow When Selling Your House
Property in Belgravia - London's Centre of Architectural Splendour
Is Abu Dhabi facing Dubai-like property slump?
Chesire England Serviced Offices.
Find out About Relevant Ideas To Choose Horse Stables
Pros and Cons of locating an office in Mayfair
Things to keep in mind when choosing where to locate an office in London
Guide To Buying A 2 To 5 Million Dollar Home In The Dell In Hollywood
When Selling A Home On Sunset Plaza, Point Out The Exclusiveness For The Fastest Sell
An In-Depth Look At The Toronto Home Market
What a Phoenix Real Estate Listing Will not Show That A Neighbor May
Which are the prime areas for office space in London?
Tips to make the most of your office space
How have commercial property prices in London been affected by the recession?
Benefits of working in Covent Garden
Investment opportunities in Pakistan Real Estate sector
Quit Claim Deed Basics
Dubai The Place To Be In Terms Of Property
Buy House in Philippines
Best way to write professional advertisement for Dubai properties
Things to consider while getting a house on rent