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Tips to help negotiate a new commercial lease

Posted by Unique News Team on December 3, 2015
| Blog
| 0

Author: Zach Smith

So your current lease is coming to an end soon, and you’re thinking it might be time for a change. Since you moved into your current office, your business has grown and now you find yourself in need of additional space to accommodate your staff. Congratulations! This is an exciting time in the life cycle of any business. Before you get ready to sign on the dotted line, however, it’s important that you have a clear understanding of what it takes to negotiate a favorable lease agreement.

START YOUR SEARCH EARLY

Ideally, you should give yourself at least six months to find a new space for your business. Recruit a tenant rep to help you find market opportunities that you would otherwise be unaware of. Giving yourself ample time to search for a new office space will ensure that you’re not forced to sign any less-than-favorable lease agreements out of necessity.

DO YOUR HOMEWORK

And narrow your search to just a few areas in your region. Looking for property all over town is likely to cost you more time and money, and unlikely to net you great results. Focus on areas that are well-suited to your industry. Keep zoning laws and utility needs in mind when selecting a site for your business’ new home. Perform a thorough needs analysis for your business so that you have a clear objective in mind for your search.

KNOW WHO YOU’RE RENTING FROM

The day you sign your lease is the first day of a long, mutually dependent relationship you’ll form with your landlord. Likewise, it’s important that you know who you’re going into business with. The last thing you want is to tie yourself to a landlord who’s suffering from financial trouble. A tenant representative can help connect you with landlords in your area who are known for having good reputations among their tenants.

At Unique Properties, we’re committed to helping businesses find the best possible deals on commercial real estate in our area. Give us a call today, and let’s work together to find the ideal space for your business to grow.

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