Finding the right office space at the right price and in the right area is an important step in doing business. Renting is a flexible way of securing an office space, especially for new businesses. A lease agreement typically lasts for several years, so there are a number of important considerations that need to be taken into account when leasing office space.
Agreeing to a Lease
It is important that you know your rights and responsibilities and recognise where you have flexibility to negotiate. The terms of a lease include the duration and various costs including when and on what basis rent reviews may take place. Rent increases can be negotiated, but in some cases they are fixed or linked to inflation. Leases can run for as little as three years or up to 25 years or more. They may include a tenant only break clause, which will allow a tenant to leave the office space early. These clauses are important in case your business is subject to or requires change. For example, you may need more or less space depending on how much or little your business is growing. Tenants may also be allowed to assign or transfer the lease to another occupier and / or sub-let if they need to move before the end of their lease. If you expect to be in an office space for a very short period, you might want to consider a licence agreement rather than a lease. Licence agreements are shorter and offer more flexibility but give little if any security.
The rent is not the only financial consideration affecting lease agreements. There may be a range of additional costs associated with the office space, which vary from landlord to landlord. When exploring potential office spaces be sure to ask about any service charges, deposits or premiums, and also whether VAT is payable.  As a tenant, you may also be responsible for some or all of the maintenance costs for the office space. Some lease agreements are also subject to Stamp Duty Land Tax. You will also have to pay utility costs and business rates, which can vary depending of the office’s location. It is always a good idea to hire a solicitor to help you with the lease agreement and associated paperwork.
Before signing a lease agreement, there are a number of steps you should take to minimise complications down the road. Check with the local council to see if planning permission is needed for any modifications you might want to do in the office space and to check that your proposed use is authorised by the local planning authority. A landlord may not allow certain alterations, so having these discussions early is important. Also, check to see whether a lease agreement has to be registered at the Land Registry as failure to register where required will mean the lease will not operate at law.  Tenants should also look into the cost of contents insurance, public and employers’ liability insurance as well as business interruption cover in the event of not being able to use the property during a period of reinstatement following a fire or flood. The responsibility for buildings insurance will usually fall to  the landlord, with the cost being passed on to the tenants of the building, so check before signing a lease in order to know the full cost of the office space.
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