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Renting Office Space Tips | Perry Property Malta
Renting Office Space in Malta – Successful business relocation takes a great deal of detailed planning and forethought. Whether you are relocating your business from a foreign country or expanding from an existing office it is important to know all the ins and outs of business relocation before making your move. You would certainly want to make sure that your new office space is suitable and will help your business grow. Office hunting may sound easy but with many choices and factors to consider. Searching for the best office may prove to be extremely energy consuming especially when you are visiting Malta for the first time and do not know where to start.
It is advisable that you contact a reputable real estate agency. Agents have the insight on what space is coming on the market soon and can advise you on which properties would best suit your needs. This will probably be one of the most important business decisions your firm will ever make and well worth the real estate fee. Most Estate Agencies have established letting departments that specialise in office leasing whose negotiators may not only guide you to negotiate a good rental agreement but have access to rental properties that may not be listed anywhere.
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, etc. thereby lowering upfront investment.
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. Estate agents should be able to provide you with the current market rental costs. Use the market knowledge and experience of your agent 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.
Finally, it is important to read the prospective lease exhaustively. Ensure that the lease includes upkeep of the building and other maintenance. Review occupancy date, options regarding expansion, an 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.
Contact us on +356 2131 0800 / 0088 or email: firstname.lastname@example.org about your property requirements
Robert Spiteri Paris B.A, LLD is an associate at Perry Limited one of Malta’s longest established and leading Estate Agents.
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