Getting a property lease for your business is quite different from finding a home to rent. Whether your business is new or needs more space to accommodate the growth, you should know that the market is working in favor of business owners when it comes to commercial real estate. Hopefully, these 7 tips will help you lease the right business property for the long term!
- Compare Rent Against Amenities
You may be getting a commercial lease at cheaper rates, but if there is inadequate space for common areas like meeting rooms, hallways, elevators, and restrooms, then you may have to invest extensively in renovations. Also remember that commercial lease agreements will have an annual percentage-based rent increase, so don’t invest in a property you can’t sustain for the long term.
- The Use Clause
The use clause is incorporated in lease agreements to define activities the tenant will engage in on the property. Make sure that you negotiate a cap with the landlord on the rent increase in order to avoid any unmanageable costs or costs that are not controlled by you.