Why Choose UsNegotiating the Best Deal on Medical, Office, Retail, Warehouse, and Tech Space for Rent. Once again, you cannot go over your budget, but you must have a particular space. What do you do? Once you establish your budget, make a list of the amenities your business cannot function without, the ones you would like to have to make your life easier, and the ones you can live without for the time being.
It may be true that the current market is more conducive to the tenant today than it was 10 years ago, however the best retail space for rent is still highly competitive regardless of the market. One way established businesses are able to negotiate a better deal is to ask for a smaller deposit. If you have a proven cash flow, you will not be seen as a risk.
If you are a new company, you might consider asking for a few months rent free in exchange for paying the deposit in full. This approach may be most effective in areas that have less competition for retail space.
Do not overlook up-and-coming areas. Trendy areas or areas that are being revitalized are smart moves for the right business. Again, you must consider your business and your consumer to determine the best fit for your retail location. Businesses first to the scene in a trendy location secure the best real estate deals. Be certain to protect your long-term interests.
General Tips for Leasing Office, Warehouse, Retail, Medical, or Tech space. Do not be afraid to ask for both reduced rent and free months. This is a growing trend at the moment and the more it becomes commonly suggested the more likely landlords will accept it. Do not let amenities blind you to the reality of the price. If you walk into an office space and you immediately feel as though it is perfect, start asking questions. Are the amenities included? Who pays for the utilities? If these are not included, you may not be able to afford to rent office space of this caliber. Be mindful of Percentage Rent when you rent commercial office space. Some landlords try to include this concept into a clause in the lease; wherein, the landlord would begin to receive a percentage of the profits once the company begins to earn a specific amount of revenue after they officially open their doors. At the same time, startups may be interested in this type of rental agreement. Is room available for expansion in the office space or building before your lease reaches an end? You should consider this prior to signing any papers. You might negotiate terms to secure any additional space in the same building the moment it becomes available. Ask to see the 5-year plan of the landlord for the building and space before you lease office space. If the building is not yet a smart building with Wi-Fi capabilities, a motion detector lighting system, outdoor work spaces, etc., you should ensure the landlord intends to provide these elements in the very near future to ensure employee productivity is at capacity, to appeal to today’s evolving talent, and to reduce operational costs for your business over time.