Why Choose UsGeneral 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!
Negotiating Your New Office, Warehouse, Medical, and Tech Space. 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.
Everything is negotiable, including their asking price. Prior to negotiations, determine the fair market value of the area. If you are low in cash flow, consider reducing the amount of amenities you require to reduce the asking rate of the rent. Reducing rent is not always an option, but asking is always a good idea.
Also, you are able to negotiate more than simply the rent in any lease. If you find a space you like within your price range, but you will require additional enclosed spaces, negotiate it into the lease. If the building is not up to code, this is solely the responsibility of the landlord.
You might consider a longer commitment to the space in turn for lower rent or additional amenities you cannot live without. You are also able to negotiate terms such as parking allowances, continued warehouse improvements, utility responsibilities, and much more. Again, refer to the list of items most and least important to you to ensure you negotiate the ultimate deal for your office, warehouse, medical, or tech space for rent in MN.