A common misconception is that tenants only have to pay rent. In reality, if you find office space for lease in Calgary, you need a full disclosure of all your responsibilities. Keep in mind that the things you have to take care of will depend on what you agree to with the building owner or landlord. Before locking into a legal contract, whether office or retail space for lease, make sure that you understand what you are required to do.
Typically, a commercial lease covers the term of the contract, a description of the space, and your responsibilities versus what the owner/landlord handles. Even if you choose shared office space in Calgary as opposed to renting an entire building, you could have some additional responsibilities. The following are some examples of costs that you could expect.
Outgoing Expenses – Beyond rent, you can expect to pay various outgoing expenses for things like council rates, utilities, phone service, land tax, levies, and so on. Again, go over your lease in detail or review it with a real estate attorney before agreeing to anything.
Security Bond – Often, a commercial building owner or landlord will require a tenant to have a security bond. That way, the owner/landlord has protection in the event the tenant fails to perform the obligations outlined in the lease.
Legal Fees – When it comes to the preparation of the lease, you will probably pay the owner/landlord’s legal fees, but only in a “reasonable” amount. Contract negotiations will likely also be added as your responsibility.
Maintenance and Repairs – When it comes to office or retail space for lease, you will be responsible for maintenance and repair issues but only those outlined in your contract. However, things like equipment, walls, heating and air conditioning, and other capital items along with structural issues fall back on the owner/landlord’s responsibility.
Insurance – You will also be responsible for having insurance coverage for plate glass, content, and so on. Then, depending on the type of business you have, you may also be required to carry public liability as well as other coverage.
For help in finding premier commercial properties for lease in Calgary, you can always count on the Strategic Group. Our Leasing and our Property Management Teams work closely to ensure that you are our priority. Please call or visit us online to learn more.