Subleasing a space sounds like a great deal, right? Find a furnished space and move-in. Although subleasing a space sounds simple and straightforward, it is not. There are many factors to consider when entering into a sublease. A sublease will contain more paperwork than a standard lease. It will include the sublease, the original lease and addendums, and the landlord’s consentdocument.
You need to be cautious, and having a qualified a commercial real estate broker at your side will immediately give you an advantage. Your sublease is contingent on the sublessor’s original lease and it needs to be thoroughly reviewed by a professional. They have the experience to understand the documents needed for a sublease transaction and can walk you through the process.
There are many reasons a company chooses to sublease their space. They may have downsized and are trying to cut costs by subleasing the space they no longer need, or they could be outgrowing their space and the landlord is not able to accommodate them in their current space. If there is enough term left it would make sense for them to sublease rather than pay earlier termination fees. Either way, you will probably get a below market deal.
Deciding whether or not to sublease is a big decision and there are many factors to consider. We can help you navigate through unfamiliar territory. Contact us today and we can help you get started.