If your business is looking for office space, most experts agree that this is one of the best times to do so. It is a tenants market and with prices coming down across the board from top flight high rise office spaces to strip mall spaces, your timing for looking for a space has never been better. However, just because landlords are desperate for tenants doesn’t mean you should ignore important aspects of getting a good deal on Office Space in Champaign IL.
First of all, low prices are always welcomed, but you may want to try and negotiate other financial compensations. What you’ll want to look for is improvement funds to retrofit the office space to meet your needs. Many times, landlords will subsidize this, but with landlords desperate for tenants, they may be willing to increase the amount of improvement funds. In other cases, if the landlord doesn’t offer improvement funds, you might be able to negotiate a few rent free months if you’re putting your own money into improving the leased office space.
In addition, you need to understand, especially if you’re looking for office space for the first time, that prices for a lease will go up according to pricing trends. That’s why, when it’s a tenant market like it is now, you can often negotiate a cap on rises in leasing prices. If you’re only leasing for the short term, perhaps a year or so, this won’t be an issue. However, if you sign a multi-year lease, capping the increases in lease payments to 2 or 3 percent can save you a good bit of money. Especially when you consider that increases can to 8 percent, if not higher.
When landlords are desperate for tenants, this puts you in a good position to get the space you need and the terms you want all at a price you can afford. Whether you’re looking for a small space, or you want something larger, perhaps a space at the Business & Technology Center, there are plenty of office spaces to choose from. The great thing is that with this being a tenants market, you can find some fairly agreeable deals out there for Office Space in Champaign IL.
