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Tips on Leasing Office Space in Ottawa
Leasing an office space in Ottawa can be challenging at times with all the different processes to endure and terms to understand. Here are some terms that are often misinterpreted but can assist with brokering the right deal.
- Shared Space vs Co-working space
Businesses that aim towards occupying another businesses space is practicing what is known as shared office space. There can be many reasons why there is unused space such as if they had overestimated growth when they got the space or downsized over time. Most times such leases are for small businesses for a short period of time. On the other hand a co working space facilitates groups who work independently but also benefits from teaming up with talented persons in that space. It’s not industry specific space but accepts tenants with shared values and who want to collaborate with other tenants.
- NNN - Triple Net Lease
This is the type of lease where lessee agree to pay all maintenance, building insurance and estate taxes. This is in addition to the regular fees under the agreement, like rent.
- RFP - Request for Proposal
This isn’t a binding agreement, something that many potential tenants misunderstand. It’s actually the initial stage of leasing, making a RFP submission helps to secure the space. There’s a lot of back and forth that generally takes place before a final agreement is reached. They show the interest someone has but doesn’t lock either persons into any agreements.
- RSF - Rentable Square Footage
These leases cover an entire space up for rent with calculations done by addition of the square footage being used and a piece of the shared area.
- TI Allowance - Tenant Improvement Allowance
This is the money building owners are willing to spend on putting up a tenant’s space. Sometimes when new tenants are moving into a new space they want to modify things a bit and according to the situation some land lords will agree to this.