Why Choose UsIntroduction to leasing commercial real estate. Whether you are in search of warehouse space, office space, or retail space, being well-informed on the subject of retail and commercial property for lease prior to making any decisions will save you time and money while increasing employee satisfaction and long-term profitability.
Some real estate agents, brokers, and other experts may advise you to rent space that is less than ideal for your exact needs at this time. This article will act as a mini-guide to leasing office, warehouse, retail, and commercial real estate to ensure you are as prepared as possible in your quest to establish the most efficient and profitable business possible with or without a commercial broker.
Regardless of the type of property you seek, it is imperative to understand the basics of leasing property such as the terms renting and leasing are used interchangeably in the real estate market. Many people are uncertain as to whether or not a difference exists between the two. They are the same. It is simply a preference of the person renting / leasing the space. It is also important to understand more advanced information, as well; which can be found on the JGM Properties homepage.
You may be like most others in your situation and wonder whether it is more logical to buy or lease at this point. The greatest reasons most people choose to rent rather than to buy are anticipated growth of an organization, limited cash outlay, enormous tax deductions, and no responsibility for property maintenance allowing for 100% of all team members’ invaluable time to be spent on more critical business matters.
Check out the JGM Properties Blog, for more info related to commercial rental property. We work to include lots of detailed info, which is condensed and written in a manner so that even a novice to commercial real estate will be able to secure the most ideal property for his or her business in the market today, yet it also provides ample information for those individuals with a reasonable foundation of knowledge to begin. You will be privy to insider information to assist you in choosing the optimal location, negotiating techniques, general tips, and general misconceptions specific to each type of space to rent. If you regularly check the JGM Properties blog page; and review our articles, you will be ready to start your search.
General Tips for Every Space Do not wait until you must have a space. You will lose all negotiating power if you are in an urgent situation. If you are moving locations, it is ideal to begin your search roughly 18 months prior to the expiry date on your existing lease. It may take from 3 to 6 months to complete lease negotiations and to complete location enhancements.
Try to include a 90-day termination clause that states either party possesses the ability to terminate the lease with a notice of 90 days. This is often not favored by landlords, but in the right circumstance, they will reluctantly agree. If you have received an amazing offer on your ideal location, do not include it to be certain no one outbids you for the space and you are forced to vacate your perfect location.
Do not forget to ensure the space is handicapable.
Ask for information pertaining to any space prior to a viewing to avoid losing any negotiating powers and prepare a list of questions in advanced based on the information you have received.
Do not rely upon the certainty of just one space. You should always have at least one contingency location in case the landlord selects another renter. You can also leverage the two in negotiations to receive the best possible deal.
An annual increase of 3% is industry standard and in some circumstances 4% is considered acceptable if the landlord is willing to make continued improvements to your space.
Get everything in writing pertaining to anything the landlord promises you and maintain digital and hard copies of everything. If the landlord says they will allow you to pay rent on the 15th of every month rather than the 1st, get it in writing!