Commercial Lease Do’s and Don’ts
So you finally decided to lease commercial property for your business, and are wondering how to get the best possible deal for it. There are a few things you need to take note of when you are trying to lease commercial space. For starters, do not think that a commercial lease is the same as a residential lease. There are many major differences between the two, and you need to be aware of these.
When it comes to commercial leases, you have to first find out what kind of a lease your landlord wants you to sign. There are few different types, and these outline what you need to pay for, what your landlord covers for you, and so on. You need to find out what your lease entails before you sign on the dotted line so that you don’t get yourself into a contract that you will regret over time.
Before you also sign on the dotted line, make sure have exhausted all your options first by shopping around. You will never know what your options are in the area that you choose, nor will you know just how far you can negotiate your lease, if you do not come armed with information that can only be had with research. Finding out what you can about the leasing landscape in the area will help you get the best deals for your lease.
Don’t ever neglect the details of your lease. You should always know what you are going into, and this includes all of the conditions contained within the lease. These will dictate what you can and cannot do with the space you are going to rent, so going in with all the information you need is crucial to your business and its future.
Do find out more about your landlord. This is to avoid any possible problems that you may find yourself encountering in the future. There are some people who find that not knowing anything about their landlord brought about problems regarding the deals that were made when contracts were first signed. Knowing whether or not your landlord honors responsibilities from other tenants can save you from future headaches.
Don’t rent more space than you readily need, but don’t rent too little space either. Both can be detrimental to your company’s future, with the former making your lease more costly than it should be and the latter making it difficult for you to grow your business when you need to. Follow the rule of thumb that most businesses go by, and that is to allocate around 10 to 14 square meters of space for each employee, and to move to bigger offices when the need arises.
Before signing anything, just to make sure that everything is in proper order and that you are not getting the short end of the stick, you should always consult with your attorney. Having your lawyer look over your lease will help you get rid of any dubious stipulations that may have missed your perusal. Your attorney will point these out to you and have these contracts redone, and rechecked, before you can safely sign these.