If you’re looking for office space for lease Toronto, especially downtown office space Toronto, there are a number of factors you should consider. Because it’s challenging enough just locating exceptional Toronto office rentals. Once you find the ideal location, you have to deal with the terms of the lease. Here are a few suggestions to help you find the best office suites Toronto has to offer:
1. Think long-term, not short term.
Short-term thinking usually means being shortsighted! What specifically are your long-term business goals? Where do you see your accounts receivable and accounts payable being in 3 months, 6 months or one year from now? You should assess your situation objectively and sign the lease accordingly. There’s nothing worse than finding a great office space for lease Toronto or elsewhere, then discovering that you’ll have to vacate before your lease expires because business is too slow. On the upside, what if your business picks up to the point where you need additional space and you are locked into a long lease. Sometimes office rental Toronto without a lease is better suited to some businesses.
2. Compare similar Toronto office space for lease.
When choosing office space for rent in downtown Toronto, it’s important to compare similar properties with similar amenities. Sure, make certain all the locations you’re investigating are easily accessible, but after that, tour the locations personally to get a “feel” of the surroundings. Talk with some existing tenants and see what they think. It is also important to know if there is room for growth or downsizing options. Some office space for lease Toronto locations can make the transition for small office space Toronto to larger Toronto office space quite easily and without having to change your address or phone number.
3. Ask yourself “what’s the atmosphere of the office?”
Would you be comfortable working there? Who will your fellow tenants be? Is it a suit-and-tie environment? Upscale and elegant? Semi-casual? Casual? And just as important, what impression would it leave with your clients or potential customers? Does it have an elegant reception area and equally attractive meeting rooms and boardrooms? Do they have a kitchen with a refrigerator so you can take your lunch to your office space for lease Toronto?
4. Check the “small” perks.
When investigating your office space for lease Toronto, look to see what perks or “Freebies” they offer. Perks such as free tea and coffee, filtered water, free weekday newspapers and easy access to inexpensive parking can really add up over the term of your leased Toronto office space. In fact, they could add up to literally thousands of dollars in savings every year!
5. Read the lease terms carefully.
Most importantly, understand the consequences if your business changes over time. Contracts involving office space for lease Toronto or any other location, should be free of any “hidden” costs, so don’t be afraid to ask specific questions based not just on your current situation, but “what if” questions based on changing future scenarios. You want your office space Toronto without any surprises.
6. Negotiate.
A good landlord looks after the needs of his or her tenants every business day. A good landlord also realizes that, above all, he or she is in the service business first, and the office suite rental business second. More than likely, the majority of tenants will be small businesses and individuals. This facilitates negotiations. For example, what if you’re intending to rent for a much longer period than anticipated? Or what if you’re vacating your office on a specific day in the middle of a month? Are there discounts you can obtain? And what if you refer a friend who subsequently leases office space? Is there a bonus for you in the offing? Negotiating an office space for lease Toronto does not have to be a difficult process. If you are working with a Toronto office space provider that is not flexible, than call another office business centre that will work with you.
7. Check the other benefits of being at that location.
While it is great to have office space for lease Toronto that works for you and your business, it is even better if your downtown Toronto office space has great amenities in not only the building but the surrounding area. Does the building have a cafeteria or food court? Are there restaurants or other eateries in the area? What else does the area offer for you outside of the time you spend in your Toronto office space? For instance, Telsec Business Centres is located in the Toronto Star Building at 1 Yonge Street, The Toronto Star cafeteria is on the fourth floor overlooking the Toronto harbour and is open to all building tenants. The Toronto Star building also has a tuck shop, dry cleaner and a credit union that is available to all tenants. Being located at Younge and Queens Quay also puts you near all the action at Harbourfront, the Air Canada Centre, The Rogers Centre and gives you easy access to the Billy Bishop Toronto City Centre Airport (Aka the Island Airport). The Island Airport is a great alternative to Pearson Airport. Porter Airlines flies over 20 flights a day to Montreal, Ottawa, New York and now Chicago.
With continuing residential condominium development, especially in Toronto’s downtown core (particularly in the area around Yonge and Bay Streets near Lake Shore Blvd.), Toronto office space and office space for lease Toronto is becoming less and less available. Despite the current flat economy, new condo units are being built and recently finished units are filling quickly.
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