Tips for Renting Commercial Space
For business owners, looking for the right commercial space is a decision not to be taken lightly. Knowing where to start when conducting the proper research will allow for a smoother process in acquiring your ideal commercial space.
The best way to start is by researching what it is you’re looking for when renting commercial space. The biggest and most common factors are of course location, the amount of square footage, as well as the layout. You may need or require nearby modes of transportation so that clients, employees and other individuals have no difficulty in accessing your leased space. In addition, you might want to consider what types of features you’d want that could increase efficiency and productivity for your business. These may include future plans for creating separate offices in the current layout of the rental space or acquiring next-door space if your business begins to experience massive growth. Not every commercial space will be the best fit, but by compiling a list of the best options for your budget needs is the ideal step to finding the best deal.
Renting commercial space means taking into account certain factors and many of them involve cost: the cost of rent and how it may increase over time; the cost of maintenance, repairs and future upgrades; miscellaneous items such as insurance and utilities, and of course taxes and fees that may come about. Having done your research and created a list of available spaces and their respective prices will improve negotiation talks when looking to rent that new commercial space.
Work with Experts in Commercial Rentals
The criteria for determining your selection for renting commercial space also doubly works in determining which person you should select as your real estate broker. Brokers with more experience in commercial property will be more knowledgeable about the criteria for selecting the right commercial space. Brokers will be the ones handling the negotiations with the future landlord, and that helps make them a great asset. An even better asset, however, is having a real estate attorney look over the lease document negotiated and drafted by your real estate broker. It’s one of the best tips when you’re taking on a new commercial lease because you’re ensuring that there aren’t any loopholes or traps that could come back to haunt you in the future.
The take-away is that renting commercial space is a major decision for your future business. From the wording of the lease contract to the costs for minor building fixes, every factor makes a difference when making your final decision in order to finally start running your business.