Commercial real estate leasing is indeed complicated but it doesn’t have to be. As long as you’ve got a good head on our shoulders and someone with experience to guide you, everything will go smoothly. It is important however, to take into account these following steps:
You should know the typical cost of leasing a commercial property with respect to geographical constraints, size and type of building, so you can make an informed decision. A reliable broker will always show a comparative analysis of the best available options for you.
Evaluate Your Needs
What do you want to use the property for? Do you want it for personal use or as an investment? How much space do you need? Do you want it to be in close proximity to the highway or not? How urbanized should the location be? Having answers to those and other similar questions prior to property hunting is important.
Know the Deal to its Depths
You can’t make your decision based on the amount mentioned by the leaser. You should confirm if there are any overhead charges on top of the total amount; some leases charge extra for maintenance, parking, and other things. Also, make sure you know if there’s a lease to own option for the property or not; if yes, what are the terms?
Stay within the restrictions
The use of most Commercial properties is usually limited. You can’t open a restaurant in an office tower or an office in a property reserved to be used as a hotel unless there’s an exception. Additionally, you should also look into the subletting policy of the building. It is best to take the opinion of an expert broker into account to ensure you don’t accidentally breach any terms related to use, zoning or construction of the building.
Pay heed to ‘build-out’ restrictions
‘Build-out’ is the process of renovating the property to better suit your business needs. There are usually some restrictions for build-outs; be sure to understand them, so your future plans for expansions don’t suffer due to build out restrictions of the building.
With over 15 years of experience in commercial real estate leasing, we can help you get the best available property on lease, within your budget.