Tips To Help Your Company Lease Commercial Property

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Tips To Help Your Company Lease Commercial Property

14 August 2020
 Categories: Real Estate, Blog

When it comes to running a business, office space is often a necessity. However, buying commercial property outright can be very expensive, so many companies opt to lease office space in a commercial property instead. Whether you have a new business and require office space or your company is established and needs a bigger office, it is essential to take your time when looking at commercial properties that are available. Being patient and ensuring that you're informed are the best things that you can do to ensure that you lease the right property. Use the following tips to help you lease office space in a commercial property.

Understand Current Market Rates

Before you begin looking at commercial properties that are available for lease, it is in your best interest to do some research and learn as much as you can about commercial property market rates in your area. The market rate is what is charged per usable square foot inside the property that is for lease. Knowing the average market rate in the area will help ensure that you don't overpay when leasing commercial property for your company's office. In addition, having this information can also help you when it comes to negotiating the terms of the lease.

Figure Out Total Cost

When your company opts to lease space inside a commercial property, it is important to look at more than just the monthly lease payment. Before you sign any type of contract, you need to determine your total expenses on a month to month basis in order to make sure that you can comfortable afford the property. Take into account the monthly lease payment, the cost of utilities, and any maintenance that you will be responsible for according to the terms of the lease. Make sure that the total expenses are less than the total amount you have budgeted for.

Hire a Lawyer to Review the Lease

It is important to note that a lease is a legally binding contract. In addition, the leases on commercial properties are usually for a few years. Thus, it is important to have a complete understanding of the terms of the lease before you sign it. Since leasing a commercial property can be quite expensive, it is in your best interest to hire a lawyer to review the lease on a property that you're interested in before you sign it. If there are any issues with the lease, your lawyer will explain them to you. 

For more information on commercial properties, contact a local real estate agent.