Moving to a new space is a significant step for many businesses. Businesses prefer to lease or rent spaces than build their own, because of several factors. Here are ten things to consider before renting or leasing a commercial property in New Town.

1. Things to Consider Before Renting or
Leasing Commercial Space
Abacus

2. 1. Location
● The location for a businesses or a
commercial property is utmost
importance.
● Neighbourhood of the commercial
property attracts relevant footfall
of your target customers.
● New Town is one of the happening
locations of the city.
● With IT firms shifting to New
Town, the neighbourhood best
suitable for any business.

3. 2. Hire an Experienced Commercial Agent
● Leasing and renting are quite
critical tasks for inexperienced
businesses.
● Involve an experienced
commercial agent whose can do
all the leasing & renting related
tasks.
● Commercial agents can make
the negotiations easier for
businesses.

4. 3. Infrastructure
● The ambience and habitat is
what enhances the experience of
the employees as well as
customers.
● Floor space is enough to
comfortably accommodate
employees and essentials.
● Dedicated seating arrangement,
meeting rooms, and cafeteria
are essentials for any office
space.

5. 4. Read & Understand the Lease Terms
● Before finalising on any office space, it
is mandatory that businesses go
through the lease thoroughly.
● Understanding the lease terms is a
must especially because it’s practically
irreversible after it is signed.
● The lease should not only have the
direct costs laid out, but also additional
costs.
● Understand the boundary of expenses
& insurance fees as well, before it gets
added to the rent value.

6. 5. Negotiate Best Deal
● Commercial space owners can
offer you a deal that benefits
them.
● It is best to negotiate with the
owner to bring down the
maintenance and facility costs.
● A commercial agent can
negotiate to make better deals.

7. 6. Understand the Lease Type
● Depending upon the owner and
the guidelines of the commercial
or office space, the lease type is
chosen.
● Leases can be based on the
financial, operating as well as
full service and gross lease
setting.
● Understanding the lease type is
very critical to determine if it
conforms to the kind of business
you run.

8. 7. Choose Rent & Tenure Carefully
● Deciding the monthly rent during
the initial talks is crucial.
● Negotiating on the original price
quoted by the landlord is
recommended.
● Make an offer within the budget to
settle with the rent.
● Lease agreements should have
flexible tenures so that it can be
adjusted with improvements in
time.

9. 8. Understand Renewal Terms
● The standard terms for renewing
the lease for office spaces in
New Town can range between
6-12 months.
● Discuss the terms of renewal
beforehand to avoid
unnecessary issues later.

10. 9. Understand Cancellation Terms
● One of the most important
aspects to consider is the terms
of cancellation.
● Knowing the terms of
cancellation is crucial to end the
lease contract with the
commercial space.
● It is standard for the terms to
have a mandatory 30-day to 90-
day notice period before it
stands null and void.

11. Thank You