6 Things to Consider Before Leasing Commercial Space
Before locking into a commercial lease, whether short or long-term, there are six important things to consider. By doing so, finding the best commercial space for lease in Calgary or commercial space for lease in Edmonton will be easier.
Finding the Right Retail Space for Lease in Calgary
In some ways, the retail industry is unique to other industries. With retail, the store layout, color scheme, size, location, and other factors play a key role in achieving success.
Options – Before signing a lease, make sure that you have exhausted all possible options for space. Instead of looking at just one or two possibilities, spend adequate time exploring several.
Lease Terms – It is essential that you understand everything in the lease agreement. Often, retail space for lease in Calgary involves complex terminology. Therefore, always hire an attorney to review the lease prior to signing. Not only will this help clarify things, the attorney will point out any areas of concern.
Items for Negotiation – There is always room for lease negotiations. You and your commercial real estate attorney will need to go over the lease to see if something needs modification. For example, you may want to change the lease payment date, the responsible party for handling maintenance and repairs, how the premises are used, and so on. Lease negotiations are common practice and, therefore, something the landlord will expect.
Pre-Lease Inspection – A pre-lease inspection is also critical before locking into commercial space for lease in Edmonton or Calgary. With this, you become aware of any issues that could potentially be detrimental, including issues with the air conditioning or heating system, elevators, intercom system, and various other mechanical services.
Rent and Other Payables – The lease needs to specify in detail both the amount of rent charged and due date. However, the lease will also cover other payables such as insurance coverage, utility bills/rates, administration fees, and so on. Before signing the lease, it is imperative for the right information to be listed.
Property Alterations – Often, tenants like to make modifications to commercial space for lease in Calgary so that it reflects the type of business. However, this may not be something a landlord is comfortable with, or the landlord may insist on limitations. Again, this information must be clearly defined in the lease prior to contract execution.
Do you need help in finding the perfect commercial space for lease in Calgary? If so, our team of experts at Strategic Group would love to help. Please contact us today to get started.