Whether you’re starting a new business or moving your current business into a new building, you’re sure to run into problems when signing a new lease. Don’t go through the process not knowing what to expect. Here are five of the most common issues you may encounter when leasing a commercial space:
The Space Itself
As a business owner, you need a space that will fit the unique needs of your business. You may encounter retail spaces that aren’t suitable for your business. So, whenever you tour a building, be sure to ask what exact space is included in the rental. Ask about hallways, restrooms, common areas, total square footage, and more. Doing that will give you a clear understanding of what you get for the price and help you make the best decision.
Lease Terms
Landlords will usually be more flexible in negotiating leases with longer terms. Although a longer lease term means more security, it may not be an ideal situation for your business. You may have a situation where you would want a shorter lease term so that you have the flexibility to grow and adapt your business accordingly. Carefully consider your lease terms whenever looking for a new commercial space.
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Rent
Rent is a primary concern for a majority of business owners. Rent can fluctuate depending on several things, including the Consumer Price Index (CPI). Fixed rent for the entire term of a commercial lease is not common, so be sure to pay close attention to what the lease says about rent escalations or increases. The last thing you want is an unexpected increase in rent that you cannot afford.
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Repairs
Buildings aren’t perfect, and there’s bound to be some repairs needed. Pay close attention to what a lease agreement says about the responsibility of maintaining and repairing the building. It’s common for business owners to unknowingly sign a lease that makes them responsible for all of the costs for repairing the building. Carefully read your lease agreement, and make a decision accordingly.
Signage
You may encounter a building that restricts the type, size, and location of signage on the building. As a business owner, your sign is important. Take the time to make sure that the leaser’s signage conditions are okay for you and examine the exterior of the building to ensure that your desired signage works with the building’s structure.
We’ll Find You the Perfect Commercial Space
Finding the perfect commercial space shouldn’t be hard, The experts at Tomarchio Enterprises know this and make the process less stressful. We offer build-to-suit and turn-key properties, so you can be sure that you’re getting the best space for your business.
Contact the number one MD commercial broker today!