Your business aspirations may have started at the kitchen table or were developed in the back bedroom of your home, but you're growing. Now, it's time to sign your first commercial lease.
If you've begun searching for Hollywood office space, then you've probably discovered that most Florida landlords want to lock you into a pretty long lease. Their goal is to get you to sign a long-term contract so that they'll know what type of money to expect for the next few years. Tenants often make the mistake of not thoroughly reviewing the commercial lease before signing on the dotted line.
You're thinking about starting your own business, and you naturally assumed that meant buying the physical property for the company. You figured it was the first step to take. However, in talking to others about your plans, they suggested renting.
When you start your business, you know it's not time to buy a property. This is a start-up. It's not a proven business model. You hope it lasts for decades or even generations, but you don't yet know how successful you'll be. You opt to rent a commercial space to get things off the ground.
When negotiating a commercial real estate lease, you may feel overwhelmed by all of the different terms and options that you have. Commercial real estate leases can vary extremely widely in terms of what they offer. For example, a commercial real estate lease for an office space may include everything from insurance and lighting to cleaning services. However, another may only supply the right to be in the space and requires that the tenant arrange all other services for the property themselves.
If you have recently invested in commercial real estate, you will need to prepare a lease before you can gain rental income from tenants. Doing so effectively is a crucial part of the process. You will need to make sure that you protect your interests while ensuring that your future tenant is satisfied.
When you are interested in leasing a property for commercial purposes, and you are confident that the property in question is a smart choice for you, it is time to start the process of negotiating the lease. Signing a poor lease agreement will be sure to create problems for you in the future, so it's best to invest time into negotiating the details upfront.
Leasing commercial real estate can be a very profitable business venture if you get it right. There are many things that you need to consider when leasing commercial real estate for the first time, and these considerations could significantly impact the profitability of your endeavors, as well as the viability of your long-term business.
When looking for a new commercial space, the actual floor space that you get is important. Not only may it define how you set up your business, but you look at the rent through the lens of what you pay per square foot.
When you sign a commercial lease, it is very important that you understand exactly what obligations you have and how the deal may change over time.