Why Choose UsGeneral Tips When Leasing Office, Retail, Warehouse, Medical, Tech Space Consider an Exclusivity Clause or a Non-Compete. This type of clause will prevent the landlord from leasing any additional office, retail, warehouse, medical, or tech space to a potential competitor in the same building. Be certain to include a Right to First Refusal if you are in the perfect space. Consumer traffic may shift after a few years or it may stay the same. It is nearly impossible to determine such shifts several years in advance. Having the option to stay or leave on your terms is a must for commercial space. If you are required to pay utilities or any other fee, ask to see receipts and bills from the previous year to be able to calculate your true costs. Do not take their estimated word for it. If they have not been paying these bills, they are unlikely to know with great certainty. Ask for a Sublease Provision. Much like the Right to First Refusal, you may want to leave your current space for any number of reasons. You might choose to diversify your product line, expand your business, or adapt to market shifts. Be certain your business is protected in these circumstances and that you have options.
Common misconceptions when renting office space. Renting Tip #1: You must accept the space as is.
Try to never accept the space exactly as it is and be certain you include a clause that you have the right to change the space as you see fit during your tenancy. You should try to negotiate the space to include as much as possible and to look exactly as you wish before you move in. You should also be realistic. If the space is completely bare or basic, it is unlikely you are going to receive a full makeover at no additional cost to your business. Renting Tip #2: It will not help to speak with other tenants in the building to improve the building and office, warehouse, medical, tech, or retail spaces.
You should all work together to see greater changes and changes that occur with increased frequency. Again, try to be realistic in your demands as they, too, have bills to pay. Renting Tip #3: Once the space is mine, I can do anything with it I choose.
This is far from the truth. A lease will be very specific about the type of business activity allowed on the premises in the Permitted Uses section of the agreement. If you choose to diversify your business or change the concept altogether, you must remain in accordance with your original contractual agreement or speak with the landlord to include an addendum to the contract to protect your company in full.
As long as you consider your needs for an office, retail, medical, warehouse, or tech space and its location, the best approach to negotiations, and the general tips and misconceptions of the commercial space real estate industry, you will be certain to find the optimal office space for the needs of your company.