Commercial property for lease
In most markets, one of the sectors that a small business can get a good deal on these days is commercial office and retail space. Whether you need more room or a better location, now is probably the time to consider a Commercial property for lease. It could offer you just the right options and save you the stress of months of paperwork when buying a property, especially if you are not prepared to stay at a fixed location for too long. Leasing could help you to be mobile and not be closed in a box and stuck on location.
Incase you do not really know where to start with your search, we will focus on the initial steps of commercial real estate leasing fundamentals that will help you find and compare leased space that works for you. Don’t stop looking until you find at least two or three places that work for your business. Don’t sign any lease until you know the entire expense setup, including maintenance, which could affect your rental significantly. Avoid emotional attachment until after you’ve negotiated lease terms you can live with. At this point, the only emotion that should enter into your decision is whether customers will get excited about the location. Location is key to the success of your business.
Ask for a pro forma copy of the lease as soon as possible and read it. Each commercial lease is different pay attention to the details. Create a comparables analysis in an electronic spreadsheet that allows you to compare the details of prospective properties. The basics include: leased square footage, unit lease price, incremental expenses (including maintenance), lease term required (how many years). The notes will come in handy later if you need a tiebreaker when you’re making the final decision.
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