What is Office Space?
Office Space is a colloquialism that is commonly undertaken within the workplace – or commercial market – that exists within societies undertaking and facilitating commercial and business activities; the title of ‘Office Space’ is a general catchall term designated for pieces of property or areas available for purchase or lease – however, within legal terminology, the legal classification for Office Space may be translated as commercial property.
Office Space Regulations
Upon the undertaking of business activity or commercial enterprise, the individual founder, owner, or operator may be required to obtain commercial property in order to retain a place of business upon whose premises commercial activity can take place.
Yet, while the title of ‘Office Space’ may be classified as commercial property, the varying natures of commercial property – as well as the multitude of leases, purchase agreement, and sales stipulation innate within the transactions involving commercial property – there exist a vast array of intricacies and specifications latent within each individual business with regard to implicit statutory regulations:
As per the regulatory stipulations expressed within a bulk of commercial property, individual tenants within respective Office Space will be prohibited from residing in that same space; the notion of this limitation exists with regard to the divergence between insurance enacted on a residential basis and the insurance enacted on a commercial basis
Upon facilitating Office Space, the individual tenant will typically be responsible for the investigation of any or all satisfaction of peripheral taxation with regard to commercial tenancy; unlike residential space, the earnings and income generated from the commercial use of Office Space is largely taxable
Office Space Real Estate Activity
The commercial property market, which includes the real estate activity corollary to Office Space available for potential and prospective tenants, consists of a variety of legal and contractual activity undertaken in order to provide commercial tenancy. Commercial tenancy with regard to the facilitation of Office Space can take place through the following:
Leasing Office Space
Leasing Office Space is a procedure that is oftentimes analogous to the process of renting; an individual interested in utilizing commercial or Office Space on a temporary basis will engage in a lease agreement with the owner or lessor of that property – within a commercial lease involving the undertaking of tenancy, the following is common:
The lessee of the Office Space in question is the individual or entity named as the tenant of that property; the lessee is responsible to adhere to the stipulations outlined within the lease agreement – this may include planned payment, professional decorum, and the regulation of personnel
The lessor of the Office Space is named as the individual who is in ownership of the commercial property; typically, the lessor will be responsible for the drafting of the lease agreement in conjunction to the transfer of tenancy with regard to the Office Space in question
Office Space Sales
The sale and purchase of commercial property, which includes a variety of Office Space, is subject to any or all jurisdictional regulations expressed within applicable fields of commercial law and contract law; individuals purchasing Office Space are encouraged to research applicable taxation and insurance latent within the terms of the purchase.