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How to Rent Out Unused Office Space

Have unused office space you want to rent out but not sure what measures you need to take? Be sure to check off these 3 key steps before taking the plunge:

Step 1: Verify that your lease allows you to sublet unused office space 

  • Check your lease agreement. Does it allow you to sublet or license? If yes, decide how much you want to charge. If no, seek permission to license some space from the landlord.

Step 2: Check to see if the time is right for you 

  • When does your lease run out? If it is soon (6 months or less), you need to decide whether it makes more sense to spread the costs of your current space with new tenants or to move altogether. If the time is right, proceed to Step 3.

Step 3: Find the Right Tenants 

  • Imagine your ideal tenant so you know how to evaluate them when they come for a visit. Just because they are willing to take the space doesn’t mean they may be a great fit for your office. Here are some things you may want to consider:
    • Industry — Are they compatible with your team? Are they competitors? Could you potentially benefit from them or collaborate in some way down the line?
    • Nature of work — Are they answering a lot of calls all day, or having frequent meetings with clients? If so, will this affect your business operations or distract your team?
    • Compatibility — First impressions count. Do you like them as people? You will be working with them for the next 1-3 years after all, so this is important.
  • List your surplus space on GorillaSpace, the only commercial real estate platform that supports long term rentals. It is easy and free!

Need further information? Contact one of our space experts at+65 8817 9170 or partners@gorillaspace.co.

 

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