Toronto/GTA Office Space Leasing
Most Office Listings are not posted on the MLS system. Office Space Listings are conducted by the Broker Pages. It is important to be have your own representation. This way you are independently represented. We can provide office space in the Toronto GTA area from 1,000 sq.ft. to 100,000 sq.ft. Our team would be pleased to answer all your concerns and questions concerning Toronto Office Leasing.
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Office space is a major expense for any company. Negotiating the best lease rate will save your company to hire a more employees or to launch a marketing campaign. No lease is standard, however, so here are some suggestions to help you become a little more lease-savvy and negotiate a favorable office lease.
Our market focus for Office Space includes both Toronto and GTA.
The following are key points prior to looking for Office Space .
- Permitted use of the premises.
An office lease typically has a section that sets forth the permitted uses of the leased space. It is to your advantage to make this clause as broad as possible, because your business may diversify or you may want to sublease space to another business.
- Term of the lease.
Landlords are typically willing to make concessions for longer-term leases. A company’s needs may change, however, so try to negotiate a shorter-term lease with renewal options.
- Rent escalations.
Fixed rent over longer-term leases is relatively rare. Sometimes, landlords insist on annual increases based on the percentage increases in the Consumer Price Index (CPI). If your landlord insists on rent escalations, try to arrange that a CPI rent increase does not kick in for at least two years. Then, try to get a cap on the amount of each year’s increase. If you have to live with a rent escalation clause, consider a predetermined fixed amount.
- Common area maintenance, HVAC and operating costs.
Take into account operating costs that the landlord may pass on to a business. If the landlord is charging separately for these services, try to negotiate a fixed fee or cap on the amount.
- Tenant improvements.
New space may need some improvements or alterations. Most form leases provide that the tenant can’t make any alterations or improvements without the landlord’s consent. Businesses should ask for a clause that says they can make alterations or improvements with the landlord’s consent and that consent won’t be unreasonably withheld or delayed.
- Repairs, improvements and replacements.
Be aware of a clause that says that at the end of the lease premises must be returned in their original condition.
- Assignment and subletting.
Companies should negotiate enough flexibility in the assignment and subletting clause to allow for mergers, reorganizations and share ownership changes.
- Option to renew.
Try to get the option to renew your rent at a fixed predetermined price, not based on a “fair market” price.
- Right of first refusal or first offer for additional space.
A right of first offer obligates your landlord to present any space that becomes available in the building to you first before marketing it to third parties. A right of first refusal on space obligates the landlord to bring you any deals he is willing to sign with third parties for space in the building and allow you to match the deal and preempt the third party