When searching for a commercial space to lease, it’s difficult to know where to begin.
To help with that, we’ve put together the Top 5 items to consider!
#1 Use an expert
A commercial broker will know all the lingo you may find confusing, such as a triple net charges, common area maintenance (CAM) fees, load factor, and build out costs. Additionally, market knowledge is priceless – what is the right price to pay for the location and building type you desire? Choose wisely, so you can have the expert assistance you need to make a decision with which you’ll be comfortable.
#2 List your needs
What size space do you need, and do you have a budget in mind? Do you need to include extra square footage for growth? How many parking spaces are necessary? Do you need extra storage within the space? Developing a list of your needs narrows the search.
#3 Location Factors
You’ve no doubt heard it before – LOCATION, LOCATION, LOCATION! Although this seems obvious, in reality there are multiple critical points to review. Your broker can talk with you regarding items to think about, such as area demographics, visibility, traffic counts, and co-tenancy.
#4 Lease Terms and Types
There are several different types of leases – how do you know which one will work best for you? How long do you want to lease and what does the landlord require? Is a personal guaranty required? A lease is a legal, binding document – so careful review is imperative to your satisfaction as a tenant.
#5 Consider Management
Who you call when the inevitable urgent situation arises can be pleasant – or quite the opposite. Considering the company you’re leasing from is just as important, or perhaps even more, as evaluating the space itself.
