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While there are many things to consider when getting ready to lease commercial office/industrial space, below are a few budgetary items that are important for companies to be aware of that are usually required when leasing commercial space in Atlanta.
Financials. Most landlords require some sort of financials to show the ability to pay rent. This is usually in the form of profit/loss statements, balance sheets, or the last 2-3 years of personal income tax returns. The Landlord typically requires your financial information prior to finalizing lease terms so have this ready when narrowing down your space options.
Security Deposit & 1st month’s rent. The security deposit, generally equal to an amount equal to the last month of the lease term, along with the 1st month’s rent are due at the time of lease signing.
Wiring for phone/internet. The coordination for phone and internet wiring Is always the responsibility of the tenant. The ideal situation would be to find a space that is already wired from a previous tenant. If the space you like is not wired the way you want then expect to pay about $100 to $150 per data/phone outlet. The building management can provide a list of carriers ahead of time so you can coordinate prior to move in.
Insurance. Businesses that lease will need property insurance and general liability insurance. Property insurance is sometimes dictated by the mortgage company. General liability is for your protection. Most landlords require that you carry a $1,000,000 to $3,000,000 policy. This generally costs between $500 and $3,000 per year.
Other services or products that may be needed. Phone/Internet service, New/Used furniture, movers, printing & copying services, website design, payroll processing, etc
Our goal at Peachtree Commercial Real Estate is to help facilitate the entire move process for our clients. If you have any questions or need referrals for the above services please don’t hesitate to contact us.