With the new year fast approaching, does one of your resolutions involve finding a new commercial rental for your business? How exciting! Making physical moves with your business can pave the way for new opportunities.
Deciding to seek out a space is the first step, and it’s a big one! But there are many other details that you need to review before you sign any lease. The team at Bluewater Properties has compiled a (non-exhaustive) list of areas worth reviewing before committing to a commercial lease:
- Get a full understanding of what is included in the rent. It is important to know what you’re paying for! Get a full picture of costs included in the rent, taking into account any additional costs that would be expected of you. You’ll understand exactly where your money is going and can take note of everything that you will need to account for in your budget.
- Be aware of clauses. Commercial leases can be lengthy, but it is in your best interest to review every single clause, more than once. These clauses may have the answers to some of your questions hidden within them! One such clause could be a use or exclusive use clause. Here, you can discover if there are certain hours of operation that you need to abide by within the building, restrictions on your line of business, and other potential limitations.
- Understand which terms can be negotiated and which terms cannot. Some commercial leases may include non-negotiables. If you review these and discover that one of them is a make-or-break deal for you, then it might be time for you to consider another property. Non-negotiables are usually in place for a reason, and if you have specific questions as to why they exist on a lease, you can always consult the landlords directly.
- What is important to you? Understand how that exists within the lease. When seeking out commercial rental properties, what is high on the list of importance for you? As you look through the agreements listed in a lease, you will be able to determine if they align with your values or if they miss the mark. Don’t be afraid to ask the landlord about certain policies. Are there shared common spaces in the building that you’d have access to? Are you expected to perform tasks like snow removal? Can you bring your pet into the building? Make it a priority to clarify what matters to you.
When it comes to commercial leases, questions are bound to arise. But don’t let that deter you from pursuing properties that interest you. Clarity can be achieved, especially when you have an experienced team like the one at Bluewater Properties on your side.
