Leasing a commercial property is a bit tricky. You need to make sure that you have all the information before you put your signature on the documents. Since commercial property leasing is expensive, and it has a significant impact on your business, make sure that you do right. It is advisable to ask all the questions and even read through the terms of the contract.
If you are not sure about the terms, you can go an extra mile and involve a lawyer. A good lawyer will help you to break down some of the terms and clauses that you do not understand. Here are some tips to consider when leasing a commercial property:
Length of The Lease
When looking for a commercial property, you need to check the length of the lease. It will depend on how you want to lease the property. Some people prefer long leases, but they can be trick in case you want to move.
On the other hand, some people prefer short leases that can be renewed over time. It is all about your business set up and how you prefer to run your business.
How Is the Rent Charged?
Before you lease a commercial property, it is essential to understand how the rent is charged. You need to make sure that you can be able to know the best parts of the building and how to rent.
Most of the commercial buildings will charge rent based on square footage. It is essential to know how much their charge per square footage and if you will be able to meet your business needs.
Terms of The Lease
The terms of the lease also come into play when you are leasing a commercial property. You need to make sure that you understand the terms very well to avoid any inconveniences.
The special area of the term of the lease to check to include; the cost of improvements, the person responsible for repairs and other factors. For instance an NNN lease will be different from other leases. We have different terms of commercial leases, and you can choose one that is ideal for you.
Exclusivity Rights and Other Benefits
When leasing commercial property, you need to check at other benefits that come with the building like exclusivity rights.
For instance, if you are planning to start a retail store, the commercial renter should guarantee you that no one else will open a store like yours next to you.