Leasing office space comes down to more than the monthly rent. The structure of the lease decides what you actually pay over the full term. Here is what to understand before you sign, especially along Ventura Boulevard in Sherman Oaks and Studio City, where PIVOT is based.
Two spaces with the same asking rent can cost very different amounts depending on the lease type. Always compare total occupancy cost.
Most deals start with a letter of intent (LOI). It should cover base rent, term, annual increases, free rent, tenant improvement allowance, parking, permitted use and any options to renew or expand. The LOI is where most of the negotiation happens, so put everything that matters to you in it.
A tenant improvement (TI) allowance pays for building out your space. Free rent can help cover the time you spend building out and moving in. Landlords often trade one for the other, so think about which matters more to your business.
If your team might grow, ask for a right of first refusal on nearby space or an expansion option. If you are unsure, a shorter term or a renewal option keeps you flexible.
Subleases can offer below-market rent and furnished space, but read the master lease. Your rights depend on it, and the landlord usually has to consent.
In most office deals the landlord pays the tenant's broker, so representation typically costs the tenant nothing out of pocket. Our team recently leased office space on Ventura Boulevard in Sherman Oaks and on Westwood Boulevard. See our Office services or tell us what you need on our Find Me a Property page.