When leasing an office space, business owners may have hard times in view of whether it is a cash cow or a money pit and how to reckon the rental fee depending on square footage. This may look to be befuddling but once you will come to know how these factors draw a parallel and weighed up, you can deal with these assessable factors easily on your own. Have a quick look:
Understand the Common Area Factor
Business owners might be familiar with the specified term but now it’s time to learn what basically a common area factor is all about. As the name suggests, it is the common area mutually shared by every single tenant of a commercial apartment building. Floor common area factor and the building common area factor are two categories of this individual expression. The first one that is floor common area factor is linked with a single floor where more than one tenant share a business space. While the second one is linked with a building on which different storey’s are shared by the commercial tenants. Your landlord should discuss the net rental according to the sum of all these common areas.
Know what Rentable vs. Usable Square Footage is
Before you lease any office space, it is very important to distinguish between a rental and usable square footage. Rentable square footage is the amount that you pay for the interiors. This may comprise of the indoors space such as concierge closets, battery rooms, restroom etc. You can calculate the office space rent by first multiplying the floor common factor and then the building common factor.
Whereon, usable square footage is the area you really occupy. This will include everything from doors to structural walls. The good thing is that if you are sharing the restroom with other tenant, you can share the rent for such amenities on top of the shared common areas.
Make sure if the Square Footage Measurement is true
As such there are no canons, how a square footage value is evaluated. Thus, it is very important to learn how to calculate the value accurately. For this, you can hire someone who knows the right method of calculation and provide you with an accurate rental price.
Real estate agents recognize these terms well and know what should be included or excluded. Instead of hiring a common agent, prefer one who will negotiate for you and try to make the deal beneficial on your part. In addition, you can trust such agent and consider the calculated square footage. When you share more than one floor or extra area on the same floor, determining the exact rent can turn out to be more complicated. Thus, how much space you are exactly paying for and is the rental price you are paying is correct, to find this out you must calculate square footage with a specialized real estate agent.
Indoors and outdoors are blamable for the net rental price and wrong measurement methods can increase or decrease it. Though, when you hire a realtor for assistance, you can make the leasing as well as the calculation process much easier.
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