If you are looking for commercial properties for lease as a new location for your business, you need to find a location with a lease agreement that suits your needs. Understanding what factors are important in your lease agreement and what you need to look for can help you to find the right property with the right lease. Here is a look at what you need to know:
Make Sure Your Costs Are Clearly Defined
When it comes to commercial lease negotiations, you need to be sure that your lease clearly defines your costs. Some commercial leases are all-inclusive, which means that you will have no additional costs beyond the lease payment every month. Others require you to pay maintenance costs, property upkeep, common area care, and even shared utility meters.
In either case, you should be sure that your lease has these requirements clearly defined. That way, there are no surprises for you once you've moved in and you can more accurately compare the lease options of different properties.
Know What Rights You Have
In some cases, commercial leases will allow the tenants certain additional rights, including the right to sublease the space, the right to be the only business of your type on the property, and even the right to terminate your lease early in the event that the major business on the property closes or leaves. This is an important clause because, if that business is the largest traffic draw, it could negatively impact your business.
Understand The Termination Procedures
Every commercial lease should also define the termination procedures and alternatives for the tenant. Make sure you know what situations permit the property owner to terminate your lease, and what resolution options you have in those instances.
For example, if you are served an eviction for non-payment, your lease should define what your options are to resolve the default. Look for a lease that allows you to make a payment arrangement or pay a single month to stop the eviction instead of requiring you to cure the default in its entirety.
Finding commercial real estate for lease is not a simple task, but you can find the property that's right for you with a lease agreement that fits your needs if you consider these factors. Talk with your real estate agent today about what you need from your property so that he or she can find you the right location.