Extra space and extra money always come handy. Whether you make extra money by subleasing your extra space, it will benefit you. But is subleasing office space doable? Can you sublease the office space that you’ve leased from your landlord? And if yes, then how do we do that? Let’s find out answers to all these questions in this blog post.
How can you sublease your office space?
So, you have some extra space, and you’re seeking to sublease it to other businesses. Before you do that, I would suggest you consult the same with your landlord. If your landlord permits you, please proceed forward. Else, drop the idea.
Suggested Read: How much office space per employee do you need?
Let’s suppose your landlord allows you to sublease your office space, what must you do next? Let’s find out.
Step 1: Since your landlord has allowed you to sublease your extra space, your next course of action should be finding the tenant. Scrutinizing the appropriate tenant could be a challenge. So, do it wisely because the tenant must be able to fit right in the space you’re offering.
Step 2: After finding the right tenant, its time to prepare the lease. Ask an attorney to help you out in this process. Kindly please write every minute detail as clearly as possible. Ensure that you’re not missing any valuable information that would affect the relations in the future.
Step 3: This is your last step, so get it done real quick. Once your lease agreement is ready, it’s time for you and your tenant to sign it and make things official.
And that’s pretty much about it. With the above three steps, you’ve successfully subleased your extra space to make extra money. But why should you even consider leasing your space? Well, let’s find out.
Why should you consider subleasing?
When you have extra space, and you’re not using it, then subleasing it would be the right decision. But if you have saved that space for your future growth, then drop the idea.
Please consider subleasing in the following cases only.
You have excess space: If you have space for more than ten people to accommodate, then please consider subleasing it. You can make extra money by leasing the excess space you have. Most companies that have such a space do this. It’s legal, and a majority of lessors agree to it.
Your rate of growth is tremendous: Generally, the lease contracts are three to five years long. If you’ve scaled massively before your lease term got over, and you need a new office space. Then you should sublease your office space. Canceling your lease could swallow up your security deposit. So, to avoid that, you can sublease your office space and protect your money.
Subleasing your office space depends on you and the lessor. But when both the parties agree, you need to find the right tenant because you have limited space that may or may not be adorned by the tenant. So, finding the appropriate tenant should be your priority. Also, remember that damages and repairs will have to be taken care of by you. With everything in place from your end, you can start subleasing your excess office space.