One of the major decisions you make as a business owner is your location. Depending on your business needs, you may want to be easily accessible, or perhaps you must adhere to zoning laws.
Whatever your specific concerns are, be sure your lease addresses the needs of your business, keeping growth in mind. As you enter into a commercial lease agreement, are you familiar with the terms you ought to consider?
How should you approach a commercial lease agreement?
It is important to recognize that a lease is an agreement between you and your landlord, and prior to signing, you can negotiate.
Whether that entails property modifications, price or maintenance concerns, make your needs known up front. The lessor may be willing to work with you to establish a mutually beneficial arrangement.
Before signing a lease, be sure you:
- Double check the terms. This includes start and end dates, rental fees, your obligations, termination options, the lessor’s duties to you, and how to handle potential disputes.
- Know whether you could sublet your property. Will your landlord allow you to have another business operate in your space, under the terms of your lease?
- Agree with your obligation of capital expenditures. Commercial leases often hold lessees financially responsible for major structural repairs or replacement costs. Your landlord may be willing to compromise if you offer to contribute a specific amount per year instead.
While location is important, there are many things to consider when you lease a place for your business. Finding a landlord who is willing to work with you to develop terms you are happy with may lead to an agreeable arrangement for the years ahead.