Leasing CBD office space is an exciting endeavor that promises new opportunities and growth for businesses. However, it’s essential to be aware of the hidden costs that often accompany this process. Beyond the obvious expenses like cleaning, electricity, and after hours air conditioning, there are several lesser-known factors that can impact your budget. In this article, we’ll shed light on the hidden costs involved in leasing office space, ensuring you’re well-prepared for a smooth transition.
Moving Costs:
Relocating your office involves more than just changing addresses. It can lead to various expenses, including hiring professional removalists, acquiring new furniture and equipment, and covering installation costs. The magnitude of these expenses depends on factors such as the office size, distance between the old and new locations, and the type of furniture and equipment being moved. Properly assessing these costs will help you budget effectively and minimize any unexpected financial burdens.
Cabling (Power & Data):
Cabling a spec suite fitout can be an additional cost for tenants looking to lease this type of space. This is because spec suites are generally not cabled and it is the tenant’s responsibility to pay for and install the necessary cabling infrastructure. The cost of cabling can vary depending on the size of the space, but typically ranges between $80 to $100 per square metre. It’s important to note that landlords do not usually cover this cost.
Legal Costs:
When moving office, there are often legal costs associated with reviewing and negotiating lease agreements. It is common practice for both landlords and tenants to hire lawyers to protect their interests during the leasing process. These legal costs can vary depending on the complexity of the lease agreement, but it is important to factor them into the overall cost of moving and leasing a new office space.
Leasing CBD office space holds great promise for businesses, but it’s important to understand the full financial implications. By being aware of the hidden costs associated with the process, such as moving expenses, cabling requirements, and legal fees, you can proactively plan your budget and avoid any surprises. Remember to conduct thorough research, consult professionals, and negotiate diligently to ensure a seamless and financially sound transition into your new office space.
