Just as some homeowners rent out spare rooms, businesses can enjoy the financial benefits of sharing their space by drawing up an office sublease agreement. Whether your business is downsizing or has excess room, subletting can offset the cost of office space and make it more affordable for businesses. To take advantage of office subleasing and avoid legal hassles, your business must review the lease, vet potential candidates, and consult a qualified real estate advisor.
Business owners near Springfield, VA, with commercial brokerage and real estate needs can turn to The Genau Group. With over 100 years of combined experience, our team of commercial real estate professionals has a track record of successful deals and attentive client services. As top-rated brokers in the DC, Maryland, and Virginia area, our clients know they’re receiving top-notch counsel and advice. To schedule a consultation, call us at (202) 735-5382 today.
Here, we outline industry tips and tricks to sublease your office successfully:
1.) Check Your Lease Agreement
Before leasing your office space, check the terms and conditions of your current lease. Some commercial leases have restrictions on subletting, and those that don’t may still require permission from the landlord first. To ensure legality, only make commercial sublease agreements after obtaining a comprehensive legal review and written permission from your landlord.
2.) Market Competitively
After receiving written approval to sublease your office, hire commercial real estate services to market your property. In normal market conditions, it’s not hard to find qualified business subtenants interested in your space. But to remain competitive, consider pricing your sublease near the market rate for comparable office spaces. In doing so, you can broaden your market to potential businesses eagerly seeking affordable office space.
3.) Screen Potential Candidates
Vetting candidates early in the process can save you and your business from complications down the road. Before finalizing a subletting contract, ensure potential tenants are a good fit for the space and have an acceptable credit history. Also, ask them for references and browse information about their business online.
Since your subtenants pay you rent, not your landlord, you’re responsible for any damages they cause or any rent that goes unpaid. To avoid choosing unreliable tenants, seek a professional opinion from your commercial real estate advisor.
4.) Draft the Agreement
Once you’ve found a qualified tenant, it’s time to agree on lease terms and prepare for move-in. Bring in a commercial real estate attorney during this stage, as your lease contract should protect you from possible future complications. Within the lease, you and your subtenant agree on the start and end dates of the sublease, the rent amount, and any other important details, such as who is responsible for utilities and repairs. Once the contract is in writing and signed by all parties, you can begin subleasing office space.
Before subletting your office space, keep in mind a few additional tips as well:
Be Flexible: To find an agreeable tenant, you may need to be flexible in your terms. Be willing and able to negotiate rent and the length of the lease, if necessary.
Be Prepared: Potential tenants will want to see your office space before they commit to subleasing it. Ensure you prepare your space to be shown at a moment’s notice. Staging could be an additional but worthwhile effort.
Be Patient: Finding a qualified tenant that fits your preferences may take some time. Don’t be discouraged if you can’t find one right away. Instead, contact your real estate advisors to help market and present your space to suitable candidates.
Hire The Genau Group Office Sublease Services Near Springfield, VA!
Springfield, VA, businesses can turn to The Genau Group for reliable, expert office sublease services. Take advantage of your unused office space and trust in our team of commercial real estate professionals to sublease it for you. Learn more about our commercial real estate services by calling us at (202) 735-5382 today.