The Do’s and Don’ts of Commercial Space for Lease
Specific to commercial space for lease, there are definite do’s and don’ts. The right decision will guide you to the perfect space. However, a wrong decision can negatively impact business operations and become a financial nightmare.
Do’s for Leasing Commercial Space
Location – For commercial space for lease, you want a location that will attract your targeted customer; be easily accessible for you, your employees, and your customers; and offer both safety and affordability. Depending on the type of business, close proximity to public transportation may also be an important factor. In addition, do your homework on zoning laws and look for locations that offer tax incentives.
Budget – For small and large spaces, the budget is always important. With the budget in hand, determine if gross lease space, which includes the cost of the lease, utilities, taxes, insurance, and even maintenance and repair fees, is the best option. Your other option is net lease space, whereby you are responsible for paying the mentioned expenses.
Flexibility – Flexibility is crucial when growing a business. Before locking into a long-term lease, look at statistics and make a prediction on company growth to ensure that you choose the right sized space for the duration of the lease.
Negotiations – Even if it seems that terms and prices are set in stone, you need to negotiate. Landlords and building owners are accustomed to having potential tenants negotiate, so try working on better terms within reason.
Don’ts for Leasing Commercial Space
Space – Some tenants, in particular those leasing for the first time, lock into a commercial space that is much too large. Although a number of factors are used to determine the appropriate amount of space required, allotting 200 square feet per employee is a good rule to follow.
Details – Do not rush to sign a lease since you could easily overlook critical details. Instead, you need to read every word. If clarification is needed, have a qualified attorney go over the lease details with you.
References – Never underestimate the value of checking references. You want to do whatever it takes to get facts. This includes reviewing tenant feedback online and checking with the Better Business Bureau. Not taking the time to check references when you are interested in a particular commercial space for lease is a huge mistake.
To find the perfect commercial space for lease, we can help. To look at available properties, browse our website or contact us by phone to speak with a company representative.