3 Tips to Negotiate Your Coworking Lease


Coworking workspaces are becoming the new norm for up-and-coming businesses, offering the creature comforts of a big corporation – high-tech workstations, coffee supplies, conference rooms – at a price startups can afford. However, just because a coworking space seems to have it all doesn’t mean there isn’t room for negotiations or amendments to your lease.

Bill Himmelstein, founder and CEO of Tenant Advisory Group, has put together a few crucial components to consider before signing on the dotted line:

Amenities

Exercise ball chairs and trendy lighting are fantastic touches, but remember to factor in all aspects of your business into the monthly cost. Does it include internet access? Phone plans? Access to communal coffee and food? These amenities can be used as bargaining chips in negotiating with the landlord. Understanding what’s included in your leasing package and what’s additional is key to being budget savvy.

Flexible Terms

One key advantage to renting a coworking space is the option of a short-term lease — three- and six-month terms and even month-to-month payments can be negotiated. This can be especially appealing to freelancers who want a stable work environment without being tied down to a long lease.

Unused Spaces

Coworking options can be found anywhere, not just with large companies like WeWork. Chicago’s many converted warehouses and vintage office buildings are full of carved out communal spaces with a plethora of opportunity. Since leases in these leasing packages aren’t usually as structured, having an expert on-hand can save some of your company’s valuable funds.

For more information about how Tenant Advisory Group can help you negotiate your coworking space lease, contact us today.

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