Beware Of These 5 Blunders When Hiring Office Space On Rent

Mistakes are part of life, but this doesn't mean that one would constantly let mistakes happen, specially when hiring office space on rent. In case of not making this decision properly, be it one of the biggest business decisions, it can lead to losses as well. To keep away from losses, here is an insider that would tell you how to avoid certain mistakes when taking decisions on hiring office space on rent.

The Biggest Mistake: Lack Of Planning

At most times, tenants are not exactly sure about their needs, so they take bad or in appropriate decisions. For instance, if one requires 12,000 feet space, but is looking for 10,000 feet space, then it may create a big problem.

You may consider an architect to analyze the space program and figure out the business requirements. An architect can suggest with understanding the space issue from various aspects like floor load capacity (in case your business requires heavy equipment then you would require understanding floor load capacity as well. Other than this, proper planning & decisions on telecom requirements, electricity requirements, and others, depending upon specific business requirements.

No Tenant Representative

Another big problem that relates with office space rental is not considering a representative. If you can consider hiring a broker or agency for getting office space in Kuala Lumpur, just for example, then he may suggest you with ins & outs of the market and can also negotiate for you. Their understanding can help you take valid decisions on renting or leasing office space.

Lack of Document Inspection

Paperwork has many times become one of the reasons for getting into the pitfalls. When signing the documents, not to go through every point & condition, is one of the reasons. Not just the terms and conditions, but going through the legal construction as well as building conformation to safety zone are also important issues to consider. 

Regarding Rent & Security Deposits

It is important to benchmark similar properties to know about prevailing market scenario, otherwise you may land up paying extra. You can consider different properties and compare office rentals in KL to make valid decision. The same is done regarding the security deposit. Amount of security deposit depends upon demand, supply, and the regular market norms.

Unable to Understand Time Frame

Another common blunder that tenants make specially when leasing office space on rent is not knowing about the time frame. Knowing the time frame and depending upon the space required, it gets easy to negotiate in terms of price with the landlord.

These are the 5 most common mistakes that easily get turn into loses in business. Therefore, make sure that next time when you look up for office space on rent, then you do not commit these mistakes.