You may be interested in signing a commercial lease for a variety of reasons. Maybe you’re looking to start a small business and need an office to work from. Or maybe you have a retail store and require a storefront with plenty of foot traffic.
Regardless of what type of commercial property you’re seeking, you have two basic options: Purchase it or lease it.
While there are pros and cons of each, most people go down the path of leasing commercial space. If this is what you want to do, here are some steps you can take to successfully negotiate a commercial lease:
- Know your budget: Above all else, you must know what you can comfortably spend on rent each month. Without this, you could bite off more than you can afford, which will put unnecessary financial strain on your business.
- Know your requirements: No two commercial spaces are the same, so you need to compare all your options with your personal requirements in mind. For example, you may be in search of a storefront that gets a certain amount of foot and vehicular traffic every day.
- Negotiate with confidence: It’s not always easy to negotiate, especially if it’s not something you enjoy. However, if you don’t do this, you could end up signing a lease that doesn’t meet all your needs. Remember, negotiating means compromising. Ideally, you’ll meet the property owner in the middle.
- Double check everything before signing: For example, you should check the square footage yourself to ensure that you’re getting what you pay for. Also, double check the costs associated with the property, such as which party is responsible for paying for maintenance and utilities.
Along with the above, don’t hesitate to consult with a real estate attorney as you go through the process. If nothing else, a legal professional can review your contract to ensure that you’re not getting the raw end of the deal.
If the time comes to find commercial space for your business, it won’t be long before you’re negotiating the terms and conditions of a lease. The only thing that matters is that you’re happy with the end result.