1. Smaller is better
Today there are much more opportunities for small business owners. So if your business is not very big then the market is open for you! In contemporary situation landlords are willing to separate their big spaces and get double rent-payments from the same space. In case you need to get an office space for part time business then you will usually be a welcome customer at their spaces.
2. Get the necessary duration
A couple of years before when the market of office space rent was great the landlords were pretty capricious about the terms and conditions of the lease. But in nowadays world the things got worse so today it is you who make the rules. Today in Toronto the market has fallen so it became easier to find a lease for part time small business.
Never accept the first named price right on the spot. Always bargain with landlords especially if you need an office space for part time in Toronto. Today landlords like to offer tenant improvement dollars or a period of free rent. But at the same time they do not tell that the rent might go down, even though effectively it is! Also always try to negotiate the limit for any future rent increases.
4. Don’t expect slack
Landlords always feel suspicious about the risk, especially if talking about part time office rent. They really look at credit risk. So when getting new space, be ready to pay 10% of your total lease as a deposit. Usually most landlords would require a letter of credit.
5. Know your market
You need to be well-educated in what you are looking for. The easiest way to be safe is to hire a broker. Unfortunately, very often he owners of small businesses feel very assured that they can manage to find a space and haggle over a lease on their own. But they are not aware of many nuances about the small office space lease. Without a professional broker these owners run the risk of being taken advantage of by the landlord. A good broker or attorney will always protect a tenant. Experts say that there is no need in hiring a broker before you have made all the steps to signing the contract, but they emphasize the importance of hiring a good real estate attorney.
6. Investigate the landlord
To economy your money it is very important to know your landlord. The creditworthiness of an estate owner is crucial. As a person willing to get an office space for part time you need to know the following:
- If they are restructuring any loan that they cannot repay.
- If they have any troubles.
Today’s estate market condition is simply the best for renting office space in Toronto. Try to avoid lends when the market is stable because in this way landlords will dictate you the rules. And in case you see that the landlord is nervous dare to make your own ones and create the best attractive deals for your own profit.