Rent Property

You are viewing content for Hong Kong.
Segment Document

Sharing Space

More and more businesses are choosing to share office space. Not only does it allow them to make new contacts, but sharing a property or renting out a part of your property might be a sound way to save costs or supplement your business income.

Safeguard yourself by formalising the details in a Co-working Space Application Form and Terms of Use. This document describes the exact space and the rental amount that is agreed upon and also includes details such as payment of utilities and whether Internet, phone lines, printers, and copiers are provided. Having these matters recorded in the appropriate legal document will avoid confusion later on. You should always make sure you have permission from the landlord before entering into such an agreement.

Renting Commercial Space

As your business expands, it might make more sense to rent your own commercial property. Once you have found the best property to suit your needs, you will need a Commercial Lease/Tenancy Agreement. Typically, a Commercial Lease/Tenancy Agreement covers the rent to be paid, the length of the lease, the landlord's responsibilities, and the tenant's responsibilities. It may include an optional break clause.

If such a clause is not included, then you can use a Notice of Termination to inform the landlord or tenant that you are ending the lease early. This is a relatively straightforward exercise. Failure to serve a valid notice in time can have drastic consequences as the tenant may lose the opportunity to break the lease for another couple of years and the loss involved can quite often be substantial.

Related Documents (3)