Finding and leasing commercial property for a business is a complicated process. There are landlords and lease agreements and crazy neighbors to consider. These tips should help ease you through the process.
- No business is too big or too small to lease a space. Small businesses require spaces to meet with employees, house your office, and sell your wares. Don’t be intimidated by chain stores around you; your business is important and needs a space of its own.
- As you visit businesses similar to your own, start taking notes on their space. You can choose favorite features and get a feel for the geographic locations. Research will also give you an idea of what can be done with certain square footage.
- Get representation. Finding, keeping track of, and touring commercial spaces is overwhelming. Don’t be afraid to hire a professional who can look out for you. Chances are, they’ve gone through this process dozens of times, and they can help troubleshoot common issues. Still not sold on hiring representation? Fit Small Business builds a pretty strong case here.
- Consider the length of the lease. Are you a shaky startup? Perhaps a shorter lease would work to your advantage. Has your business been established for many years? Get the deal on a long-term lease to save money and have security that your space will still be yours next year.
- Review personal obligations to maintenance. Is the landlord or property manager responsive to repairs? Which additional utilities will you pay? Be sure to dig deeper than the face value so you know exactly what you’re getting yourself into.
- Consider adding clauses to the lease. Items such as subleasing and exclusivity clauses can help protect your business. Subletting provides space for you to lease your property to different tenants if your business is no longer located there. Exclusivity protects you by forbidding the landlord to lease a neighboring property to your competitor.
- Don’t settle for a space until you’ve looked at several and found at least two that really work for you. You will be spending a lot of time and money in this place, so you want it to be exactly what you were looking for.
If you are looking to buy, sell, or lease commercial property, Bluewater Commercial Real Estate can help. We are a team licensed real estate agents as well as landlord/tenant representatives. Our real estate expertise allows us to represent a range of clients and spaces.
