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So, you have grown your business to a size that needs some square footage and maybe even frontage. How do you sort through all the possible locations to choose from? Howard Freedland offers a few tips on how to land that new storefront.
Question 1: WHAT TYPE OF COMMERCIAL LEASE IS BEING OFFERED?
Knowing what type of commercial lease is being offered is one of the most important items to consider when looking at properties for your new office space. Is the lease triple-net, modified gross, or any other of the many types? The type of lease determines how your rent bill will be calculated.
Next, WHAT IS THE MINIMUM LEASE TERM?
A lease term length can be a decisive factor in your property search. Typically, commercial properties offer lease contracts with a minimum term length of at least a year. Many contracts require a 3-to-5-year commitment. Longer terms can be restrictive, while shorter terms allow you to be more flexible if you don’t want to be tied down to a property for a certain amount of time. However, long-term contracts give you more negotiating leverage and security with predictable rental costs.
Third, WHAT AMENITIES ARE INCLUDED?
This is one of the most essential questions to ask when leasing office space. Understand what building services are included in your monthly rent, such as repairs and maintenance, cleaning assistance, electricity, heating and air conditioning. These additional costs can have a huge impact on your decision, especially if you’re on a strict budget.
Next, you want to ask WHAT INSURANCE COVERAGE IS REQUIRED?
Often times, commercial landlords require a certain level of insurance coverage. Be sure to ask what type and amount of insurance coverage is required by the lease, as it may add a costly fixed expense.
You want to be visited by customers, so HOW MUCH PARKING IS ALLOTTED TO THE RENTER?
If you have multiple employees, you’ll want to make sure you have enough parking for everyone. It’s best to find out the parking situation when you’re viewing a corporate rental space to understand how that will affect your team.
Make sure to ask: IS THERE ROOM FOR EXPANSION?
If you plan to expand your team or services in the future at the same location, be sure to ask about what available space is offered in or near the building.
Sixth, CAN YOU MAKE CHANGES TO THE OFFICE SPACE LAYOUT?
Before signing a lease on a commercial building that you plan to rearrange, it’s best to ask whether or not that is acceptable. Some building owners may require that you leave the building layout the way it is or optimize the space within their guidelines.
After all that, what about Exclusivity?
Will the landlord protect your type of business? Do you need to worry that a business just like yours will open in the same plaza as yours? Best to delineate what is and is not acceptable before signing so you don’t end up competing with someone in your backyard!
So, look forward to growing your business the right way! Make sure you are armed with the right information, and that you are not afraid to make your landlord work for you. This has been Howard Freedland with the Echo Commercial Tips of the Week!
For assistance with your commercial acquisition, please reach us at 561-889-2735 or firstname.lastname@example.org
Howard Freedland is our Echo Commercial Properties Real Estate Specialist. As an independent wine broker, Howard has executed international deals with corporations and conglomerates. While working with Echo Fine Properties, Howard is a part of a team currently managing the interests of national and international companies wanting to secure land and property in South Florida. All of his prior business experience has brought him to this point as a professional, effective real estate leader. You can contact him on 561.889.2735 or Howard@EchoCommercialProperties.com.
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