5 Questions to Ask Before You Choose an Office Space for Rent in Philadelphia
Philadelphia is known for its commercial activity, with thousands of businesses offering products and services. The continued job growth seems to shape the office landscape in the metro. The suburban Philadelphia is a convenient location for office due to the lower asking rental rates and good accessibility to the city.
If you’re looking for an office space for rent in Philadelphia, there are certain factors you need to consider. Here we have listed five questions to ask before selecting commercial space for rent in Philadelphia.
- What Is Included in the Rent Price?
Rent price generally refers to the amount you pay every month. Before you make a final decision, you need to get clarification about what is and what isn’t included in the rent price. There is always a potential of hidden fees in the lease agreement that can increase the rent price. Make sure the rent price fits in your budget before you sign on the dotted line.
- Who Is Responsible for Maintenance and Repairs of the Office Space?
This element is generally included in the rental agreement, but you need clarity about these things before you finalize any office space for rent in Philadelphia. It would help if you did not leave these things for the assumption. Before you move in, check the condition of the office space and get the necessary repairs done. It will also help if you find out who will be financially responsible for repairs during the lease period.
- Is Tenant Insurance Covered in the Rent Agreement?
Tenant insurance is cheap in Philadelphia and provides some benefits of home insurance. It does not offer coverage to the basic structure, except small alterations done by the tenant. The renter insurance protects renter’s property against perils like fire, theft, and vandalism. Though you can take the tenant insurance while renting the office space, it is always a good idea to discuss it with the leasing agent or the landlord.
- Will the Rent Increase During Lease Period?
In Philly, the lease period can vary and could be two years, five years, or more. While the low rent may look attractive while signing the lease agreement, you could get a shock with a steep increase in rent after a few months or a year. Hence, you need to ask details about “escalation clauses” and how much and when the rate could increase.
The increase in the rent over the lease period can be based on the agreed percentage rise or indexed to CPI. Another possibility is passing the increase in the rates of utilities and property tax to the renter. Whatever the case, you need to get clarification about the rent hike and its detailed procedure before signing the lease agreement.
Is There Any Room for the Company to Grow?
When looking for office space for rent in Philadelphia, you should not limit your vision to the present only. Since the city has an annual growth rate of over 1.5%, you should also consider the growth of your business and factors that could change the space requirements during the lease period.
Make sure the lease contract includes the first right of negotiation for any adjacent space that becomes vacant during your lease period. If you cannot afford the rates of extra space, you can opt for a short period lease agreement.
These are some questions that you need to ask the landlord or leasing agent while looking for commercial office space for rent in Philadelphia.