If you are looking for ways to reduce office rent rates, you may want to search for a locked in office rental price to avoid inflation. Many landlords, and some rental management companies, will offer to lock in your rate in exchange for a longer lease commitment.
A long-term lease may not work for every business; this depends on how you will use the space. A business may want to reduce office rent by locking in a longer lease if the property is in a great location. Although a long-term lease will ensure that the business can remain in the space for a certain amount of time, it also locks you in, regardless of the future of the business or whether the business needs to relocate to accommodate new needs. If you know you will want to stay put for a while, this is a good tactic to save on your office rent every month.
If your business has a good history of renting office space, you may be able to negotiate a lower fee before you sign the lease. Hire a broker who knows the local market, and even a real estate lawyer, if you are entering into a substantial lease. Also, make sure you have options. If you are looking to reduce office rent rates, and who isn’t, you don’t want to sign a long-term lease at the last minute.
One negotiation strategy to reduce office rent is to ask for a few months of free rent. This allows you to effectively pay a lower price per square foot, while allowing the landlord to tell others that they are leasing at the higher rate per square foot. Negotiating can be tricky for start-ups that need shorter lease terms, but if you enter in equipped with knowledge, you can get the best deal possible.
If you need an office space secured in a short amount of time, are only willing or able to commit to a short term lease, or have a limited budget but require something impressive that can grow with you, the most cost-effective way to launch into new office space without any unnecessary long-term commitment is to find a flexible office center offering short term leases.
Short-term leases are great for startups that have the potential to grow one direction or another very quickly. This will reduce office rent and save you money by not forcing you into purchasing furnishings or locking you into a space that is larger than you are ready to handle.
Rockefeller Group Business Centers provides fully serviced office space, executive suites, virtual office plans, and meeting rooms in Class A buildings in New York City available even with short-term leases.