LocalPRO Realty: Key Considerations for Office Space Transactions

When engaging in commercial office real estate transactions, LocalPRO Realty advises clients to consider the following crucial elements:

Location: Evaluate the accessibility of the office for clients and employees, its proximity to highways and public transportation, and the potential for the location to maintain its value over time.

Specifications: Assess whether the office features align with the occupier’s needs—such as ceiling height, natural light, floor size, and high-speed internet capabilities—and if the property is easy to manage and maintain.

Usage: Confirm that the intended use of the office aligns with the designations set by the owner or local authorities. Consider the compatibility of the office space with customer-facing activities, which may be restricted by the landlord’s policies.

Lease Structures: Office leases can vary significantly, and it is essential to address these points:

Duration of Lease: Determine the lease term and the possibilities for renewal post-term.

Rental Basis: Understand how rent is calculated, including if it’s based on solely the occupied space or includes a portion of common areas.

Lease Type: Clarify whether the lease is Triple Net (NNN), Double Net (NN), or Net (N) and seek professional advice if these terms are unfamiliar.

Common Area Management (CAM) Fees: Inquire about CAM fees, their amount, and the responsible party, often related to the type of lease.

Security Deposit: Ascertain the required deposit and its purposes.

Car Parking: Check the availability and potential costs associated with parking facilities.

LocalPRO Commercial encourages clients to consult with our professionals to navigate these considerations effectively, ensuring informed decisions in office real estate transactions.