The office spaces that you are paying for and not using can earn you some spare cash. But proprietor business can be quite tricky, if it is allowed at all.
A sensible option for companies that may have downscaled or found themselves with a bit more space than they immediately require, is subleasing the extra square footage. One should note that subleasing is not as simple as identifying a tenant and receiving a check every month. If you are thinking about subleasing, be sure to keep the following cautions in mind:
Check the rights that are listed in your lease.
If you do not own your building, your landlord may not be open to subleasing, may limit the sorts of businesses to which you are allowed to sublease, or may specify the rent at which you can sublease, because the proprietor does not wish to compete with his or her own tenants for new holders. It is also possible for these conditions to change depending on the occupancy levels of the building or space.
Be sure that your space is suitable.
Ensure that the space, once segmented, meets fire and exiting codes, and other regulations. If your space does not meet the requirements, you may not be able to sublease it. But you may be able to work towards rectifying the issues.
Check with your neighbours.
If you are able to sublease with your lease and space, it would be wise to check whether the tenants of your building require additional space. They are habitually more driven to select adjoining or nearby space and may be able to move in on the spot, especially if their quarters are too tight.
Look for suitable tenants.
You can begin to search further if none of our neighbours can take up your offer. Be sure that the companies you consider will not be excessively raucous or participate in practices that are against your building’s rules and regulations. It is also critical to consider their financial stability. You can ask for audited financial documents, credit references and bank references.
If you are renting your space from a proprietor, it is likely that they will require final approval once you identify a prospective tenant, so be prepared for that additional step.
Looking for Office Space in Ottawa for your business? We can help find the perfect location to suit your business needs for Office Space. At Metcalfe Realty Company Limited, we strive to satisfy the property requirements of Ottawa’s varied and dynamic business community. To assist you in your search for the right office, warehouse, retail or medical suite we invite you to browse through our portfolio. Please contact us for further information or to arrange a tour of a specific suite. At Metcalfe Realty Company Limited, we will work to ensure your satisfaction.