If you are in the market for commercial real estate for your business, and you want to ensure you get a great deal on a commercial real estate lease, then it pays to know a little more about commercial leases. In particular, it is important to understand that commercial leases differ somewhat from residential leases, so you may be surprised to learn that a commercial lease agreement is therefore quite different from a residential lease agreement.
Here are a few tips for preparing yourself to lease commercial property for your small business:
- Avoid snagging the first place you find. Because commercial spaces differ so much from their square footage to their layout and their lease price, it pays to really do your homework and find a number of properties that best fit your needs so you can compare them, side by side, and choose the one that works for you. In fact, due to the many features of any commercial lease, it may be best to write down all of the lease features in separate columns so you can easily compare them together.
- Remember the importance of location. As with all real estate, location is the key. However, you may find that traveling a mile or two in either direction of your preferred area can save you big on your monthly leasing expenses. It is really important to understand that you can end up paying big simply because the office space is located in a certain area deemed “desirable,” when, in fact, another location may work just as well for you and your business.
- Look at the entire picture, not just the lease amount. In particular, a commercial lease includes many components, such as maintenance and terms. The lease terms may be quite lengthy, in fact, so it is best to ask your attorney’s opinion if there is something in the lease that you don’t quite understand. Paying an attorney a couple hundred bucks to save yourself thousands of dollars down the road is well worth the expense. You will also notice that nearly every lease you view will be quite different from the next, which makes it all the more important to get the advice of an attorney or other real estate professional before signing a commercial lease.
- Everything’s negotiable with a commercial lease. You can negotiate everything from the term to the price-per-square-foot. A commercial lease may be a work in progress for a period of a few weeks, but it is important to make sure that all terms of the lease work for you so you don’t find yourself stuck in an unsavory lease for a long period of time.
A commercial realtor is far different from a residential realtor. In other words, calling up the realtor you used to sell your home and asking him to find you a commercial property to lease probably isn’t the best idea. Find a realtor who specializes in commercial real estate so you can be certain you have someone on your side who truly understands the process of leasing commercial re