Different Types of Office Space Leases
The norm with most businesses is to lease the required office space. It is the traditional way that big businesses embed roots over a long period of time. For first-time lessees (tenants), it is essential that they understand the different types of leases available and their associated terms and conditions. For businesses looking to hire office spaces, here’s a look at some types of commercial leases:
Gross Lease
Also known as a full-service lease, the lessee pays a fixed amount per month. The leaser or landlord pays for all the services here including building maintenance, common area maintenance, utilities, taxes and insurance. An example of gross leasing is co-working office spaces.
Modified Gross Lease
When the lessee pays for some of the services too, aside from the fixed monthly rent, the gross lease becomes ‘modified’ and is known as modified gross lease. Some of the extra services that the lessor might bill the lessee could be for janitorial services, utilities, etc.
Net Lease
Here, the lessee pays a fixed monthly base rent and is also responsible for paying for utilities in the area leased. Aside from this, there are other payments to be made too, depending on the type of net lease agreement. There are 3 types of net leases:
- Single net – Rent and property taxes
- Double net – Rent, property taxes and building insurance
- Triple net – Rent, property tax, building insurance and common area maintenance
Do keep in mind that commercial office leases can be different for different clients within the same building, as leasing terms and conditions are usually negotiable. For those on the lookout to lease commercial office spaces, GAR Infobahn has an impeccably designed project in Kokapet, Hyderabad, featuring 22+ towers. The project offers over ten million square feet of modular office spaces in the Phase-1 development. These scalable office spaces are available as warm shell as well as fully-furnished offices, with the assured scope for accommodating future expansions too.
These office spaces come with a world-class spacious lobby inlaid with Italian marble and the use of latest technology. The tower also features a host of employee-friendly amenities where every consideration has been given to the needs of employees. These convenience features not only encourage a wholesome work-life balance, but also foster a sense of community.
The array of world-class amenities includes a multi-cuisine food court and cafe, a daycare center, a fitness center, an outdoor sports zone, manicured gardens, retail support and multi-level parking facilities. Other essential amenities available include emergency medical facilities, banking and ATM services, integrated security and surveillance system, 100% power backup and centralized utilities.
Offering seamless office spaces for both SEZ and Non-SEZ options in its Phase-1 development, GAR Infobahn is the best solution for companies looking to lease office spaces.
To know more about us, visit our website: www.garinfobahn.com
