Consider the space you need and plan for the future. It is important that you gauge what your space requirements are from the start. Ask for an internal area plan and superimpose outlines of your furniture and equipment onto it to ensure you have adequate space for the use you are planning. If you are only a small operation you may also consider all-inclusive executive office suites. Although the rate may be a bit higher many suites come furnished and have access to office equipment and conference rooms, thereby lowering upfront investment.
Is location important to your business? If you are a business in need of a ground floor with a high passing trade and footfall then this is highly important and prices will inevitably be higher. However, if you are a web-based company where most of your business is conducted online then you can save money by being situated in a less prominent position. Also, consider travel times and distances for you and your staff. Certain parts of Malta can be hard to get to during peak times and travel times can be high.
Another important factor to consider is the duration of the lease. One year leases which are common for residential lease agreements are uncommon when it comes to a commercial lease – the most typical is a three-year minimum period. On the other hand, it would not be advisable to rent a small space for say five years when you anticipate rapid growth.
During negotiations, it is important that you have a budget in mind. Our agents will provide you with all the current market rental costs. Use the market knowledge and experience of our negotiators and make a counteroffer on the asking price of the selected office or see if there is any other way to lower your rent. Most landlords offer reduced payments in exchange for a long-term commitment. Establish costs and utilities you are expected to cover besides the rent. A cost which is often overlooked is the common area expenses. The landlord determines what percentage of the building these areas represent and adds that percentage to the amount of space you will occupy.
Read the prospective lease exhaustively!! Ensure that the lease includes upkeep of the building and other maintenance. Review occupancy date, options regarding expansion, extension of the lease term, termination as well as issues dealing with security, amenities, restrictions on signage, use of parking facilities etc. Successful negotiations are easiest when you have prepared yourself and really know what your needs are.