2 min. read
When you talk to a leasing agent, you’ll probably begin by discussing square feet. For example, if you ask, “What is the cost of 1,000 square feet?” They might say, “We are asking $18 per square foot.” You can calculate your cost by multiplying the cost per square foot times the number of square feet. This is an annual cost, so you have to divide by 12 to get a monthly cost. In this case, the monthly cost would be $1,500.
Some leasing agents use the term “leasable or rentable square feet.” This refers to the physical office space (the usable square feet) plus a percentage of the common area (the area used by all tenants, such as corridors, restrooms and elevators). So what the agent has told you is in order to have 1,000 square feet you must also pay for the common area. If the common area is 15% of the building you are paying $18 per square foot for 1,150 square feet or $21.70.
After you’ve figured out the “true” lease cost, the next step is to discuss annual increases. Some leases increase by a fixed amount each year.
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