Extra office space there can often create some extra pressure on your business to pick up the slack and scale. If you have extra office space that you’re not using, why pay for the extra resources? Being able to split the cost by filling the vacancies in your business with freelancers through a sublease could be a fantastic way to proceed.
Here are the steps involved with subleasing your extra office space:
Check your current lease:
Make sure that subleasing any of your office space is not in violation of your lease. If your lease allows for subtenants you can proceed to the next step. If your lease is overly complicated, you may want to speak to a legal professional or just ask the office to make sure you won’t be in violation.
Decide on a fair price:
A sublease is usually a substantially reduced lease. Your lease might even prevent you from making any profit on a sub rental fee or asking for a premium lease. Your lease may also suggest that your sub tenants need to pay the landlord directly to avoid any chance for you to profit. A damage deposit will also be included in the charges for a sub tenant lease. Consider what the portion of your business space is worth and charge accordingly as a portion of your total rent. Remember that subleases are often designed as a short-term option as well so getting a business to sign a lease for more than a few months might be difficult.
Speak to any neighbors:
If you have any other adjacent offices or neighbors it could be a wise idea for you to speak to them first. Adjacent companies may be interested in expanding and this could give them the perfect opportunity to expand without having to move. It’s also likely that you know some of the people in your area and this can save time during the screening process for subtenants.
Start interviewing applicants:
Begin advertising your space for subleasing and start contacting applicants that might e-mail you for some interviews. Speaking to these applicants and making sure that they are working in the right industry and that they can work harmoniously with your company is important. You’ll also want to make sure that your subtenants are able to pay rent so some examination into their credit history of finance can be important.
Finalize your terms:
You may want to seek an attorney to complete the paperwork and finalize the term of payment and term of use for your office space. When you have a party that is interested in renting the space and the sublease has been drafted, you can sign the lease and move forward with your new agreement.
This post was written by Tara Kintz. Tara is a director at Signature Workspace which is a Clearwater Coworking Space. Signature Workspace, owned and operated by Cantor Fund Management, offers services and amenities such as private offices, flex space, co-working space, virtual offices, meeting/conference rooms, and more.