Common Mistakes to Avoid When Leasing Commercial Space
There are many different things to consider when leasing commercial space, but the most important is ensuring that you have a proper understanding of the lease terms. One common mistake is not reading and understanding the fine print in the contract, as this could lead to unexpected fees or obligations later on.
Importance of Avoiding Common Mistakes in Commercial Leasing
Don't underestimate the importance of a good lawyer: Before signing any contract, we highly suggest having an experienced attorney who can review the terms for you.
Don't forget to read the entire lease: It's easy to ignore the fine print but it could contain vital information that will affect how much rent you pay and what you're allowed to do with the space.
Don't forget to consider taxes and fees: Commercial leases often include additional fees, such as property taxes or building maintenance costs. Make sure you understand all of these costs before signing the lease.
Don't assume that everything is included in the rent: Rent often doesn't cover extra expenses like utilities, janitorial services, or insurance. Make sure you factor these costs into your budget when determining if a space is right for you.
Don't forget to consider location: Your location can have a major impact on the success of your business, so make sure to do research about the traffic patterns and demographics in the area.
Lack of Proper Due Diligence: Researching and Evaluating the Property
When leasing a commercial space, it is important to do your due diligence and research the property thoroughly. Make sure you visit the property multiple times during different parts of the day to get an understanding of the neighborhood and traffic patterns. Request a copy of the building's operating expenses for the past few years so that you can evaluate whether or not it will be financially feasible for you to lease the space.
Additionally, make sure that you have a proper understanding of the local zoning laws and regulations in order to ensure that your business is permitted to operate in the area. Once you are certain that everything meets your needs, it is time to move forward with signing the lease.
By avoiding these common mistakes when leasing commercial space, you will be able to make sure that you are getting the best deal possible and that your business is in a good position to succeed. With diligent research and proper legal assistance, you can ensure that your commercial lease is a success.
Inadequate Understanding of Lease Terms and Negotiation Process
It’s important to understand the terms of your lease and negotiate for better ones if necessary. Make sure that you read all documents thoroughly before signing, as this will prevent unexpected fees or obligations later on. It is also important to have an experienced attorney review and negotiate the contract on your behalf. Consider talking to local business owners to find out how they negotiated their lease terms and use their experiences to help you craft a better agreement.
Finally, make sure that you are aware of all applicable taxes and fees, as these can vary greatly depending on where the property is located. Make sure to factor these costs into your budget when determining how much rent you can afford and whether or not the space will be financially feasible for your business.
Business owners should recognize the value of engaging commercial real estate professionals when leasing a property to ensure their best interests are protected. Kirby & Kirby is a trusted firm that specializes in providing expertise and guidance to business owners throughout the commercial real estate leasing process. Their experienced professionals can thoroughly review lease terms, negotiate on behalf of the business owner, and ensure a clear understanding of all obligations and fees associated with the lease.
By leveraging the expertise of Kirby & Kirby, business owners can navigate the complexities of commercial leasing with confidence, resulting in a successful and positive leasing experience. Whether it's understanding the fine print, considering taxes and fees, or conducting proper due diligence, the assistance of commercial real estate professionals is invaluable in securing a favorable lease agreement. Trust in Kirby & Kirby to provide the necessary support for a seamless and beneficial commercial real estate leasing journey.
