As a business owner you are likely aware of how large of a responsibility it is to rent property for your company. Searching for the right property can be overwhelming but patience and persistence will land you the space of your dreams. However prior to starting your commercial property search, it’s important to familiarize yourself with what you will come across when you sign a lease for your new office space.
Commercial Leases are Different than Residential Leases
With a residential lease that are standard lease forms and many laws that protect tenants. This is not the case with commercial leases which means property owners create their own leases that address their needs. As a result, it’s crucial to carefully review in detail the property’s lease.
Consider the Length of the Lease
Typically a potential landlord will prefer you to sign a long lease. Office space leasing is normally for a period of five to ten years. It is in your best interest to negotiate a shorter lease term in the event that you outgrow your space or wish to relocate.
Tenant and Landlord Responsibilities
Review the lease so that you are aware of who is responsible for what. No two commercial leases are the same so although it is standard for the landlord to handle maintenance, this may not be the case with all properties. The lease should specifically outline who is responsible for repairs.
Changing the Space
If you are planning on changing the space by knocking down walls or building out, make sure that the lease outlines what can be done to the space. The lease should state what modifications can be done and who is responsible for the cost of these changes. In some cases a landlord will cover the cost of changes or upgrades to win your business.
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In many cases signage is important to companies so that current and potential clients can easily see the office. If your business requires a sign make sure you discuss this with the landlord. Some landlords are particular with what is allowed and if it’s important to your business make sure it works with the available office space.
These ideas are important to take into consideration when you are ready to sign a lease for your business. Be sure to discuss your needs and wants with a potential landlord so that all the details are included in the lease.