Once you have selected a list of your favourite options and concurrently, taken that final decision on the best choice, the negotiation agreement must be drawn up with the landlord of the office or commercial property. Certain terms and conditions must be considered, including for example, rental duration, costs, payment terms, scope of use, maintenance and other related issues.
Landlords will generally have their own agreement prepared, and this must be compared to the tenant’s requirements and adjusted accordingly should any discrepancies come up. Once this has been settled and agreed upon by both parties, signing the agreement and deposit transfers can take place.
This may sometimes prove to be the more tricky aspect of the rental process, since disagreements on some aspect or other between landlord and tenant are not uncommon. In this case, the intervention of a third-party mediator can be useful to smooth over the process and aide communication in this crucial stage. Skilled negotiators are especially convenient for potential tenants in the case of a Seller’s market, where proprietors have the upper hand since there are multiple parties interested in their property.
Once both parties have successfully agreed on all terms of the lease agreement, a final meeting is set for a last review and signing process. It is common for last minute changes to take place at this point; these are generally minor amendments but should nevertheless be reviewed accordingly. In the majority of cases, this is the final stage of the office space / rental process in Malta – issues are finalised, contracts are signed and payment may go ahead as per the agreement.
In recent years, Malta has also established itself as a haven for start-up companies, no doubt thanks to its tax incentives. Growing multiculturalism as a result of the influx of foreigners choosing to work and settle on our shores is yet another strength, guaranteeing a varied and competent workforce.
Searching for commercial property in an overseas location can be a daunting prospect for those not familiar with the local market and its nuances. Specialised commercial property agencies are convenient to help the process along, providing expert guidance and offering a professional perspective on the process of renting / buying office space in Malta.