You see an ad for a luxury executive suite that says, “$650 per month for a 3-month lease and no security deposit — move in today!” It sounds great! You visit the center, it looks fantastic, and everything seems to be in line. Before you know it, you’ve signed a 3-month lease, and everything is going well. Then, all of a sudden, you get a notice that your rent will increase to $900 per month after the initial lease term (sometimes this is even “hidden” in the lease).

To avoid such surprises, make sure to address the following points before signing any lease:

  1. Inquire About Rent Increases: Ask if the rent will increase after the initial term, and if so, by how much. Most centers implement an annual increase of $35 to $50 per month, but some centers have significant increases after the initial 3 or 6-month term. These increases can be substantial!
  2. Negotiate a Rental Cap: You can ask the center to put a rental “cap” on your lease agreement. Most centers are willing to do this. If they refuse, consider if it’s worth doing business there.
  3. Consider Longer-Term Leases: If you feel comfortable, opt for a longer-term lease, such as 6 months or 1 year, to lock in the great rate for a more extended period. Always negotiate renewal terms before signing anything.
  4. Beware of Corporate or Nationally Owned Suites: These entities may sell their center, and the new landlord will likely increase rents to ensure a return on investment. This move can lead to tenant loss, but they may still proceed with the rent hike.
  5. Look Into Privately Owned Centers: These centers may provide a more stable and predictable leasing environment. Ask pertinent questions about the lease, rents, and terms to ensure you make an informed decision.

Whether you need an executive suite space or just a virtual office lease, ViewPointe Executive Suites can help. Visit us at www.viewpointecenter.com to take a virtual tour. ViewPointe Executive Suites now offers an Electric Vehicle Charging Station on the premises. Contact us at 702-990-8800 for more information.

 

Chris
Leasing Manager