The Top “11” Leasing Tips
Leasing commercial real estate can be a confusing process...here are some tips we put together to help you make the best lease decision possible for your business. After all, that’s what we’re all about here at Tenavox! Why 11? Because it’s one better than 10 ;)
- Have a plan up front. And that plan should start with some important questions. Get together with your team and decide how much space you will need, how long that will hold your business, what is your budget? Get answers to these questions before searching for space.
- Know your type. Office/Flex/Retail/Industrial...rates vary wildly across sector types. Being in a flex project could save you tens of thousands of dollars if you don’t need traditional office space. Be creative!
- Beware listing sites. Most sites are providing you with an advertisement, a “quote,” which isn’t very useful. Try to use resources that show you what you should be paying for that building and other Tenants feedback on the buildings you’re interested in. Like Tenavox ;)
- Engage a broker if you feel uncomfortable with this process. Using a trusted recommendation, hire someone to represent your interests that has both the time and experience to work on your behalf and handle the process.
- Familiarize yourself with common terms of a lease. NNN/Gross, HVAC responsibilities, OPEX, these business terms can be the difference between an accurate real estate budget and a big surprise.
- Compare potential lease terms to make sure you’re getting a fair deal. Use an analysis to distill all the terms of a lease into digestible, effective rate calculations for easy comparison.
- Hire a commercial real estate attorney to review any document you are asked to sign that is binding. The lease is what will bind you this building and Landlord for years, make sure the document has provisions for recourse if you are not being treated fairly.
- Explore “options” in a lease document. Ask for expansion rights, refusal rights, termination options and more to give your business flexibility.
- Understand your budget for any allowances for work to be done by you or the Landlord. Don’t get caught with your pants down here, there should be three competitive bids and one fully approved as an attachment to the lease.
- Review the plans of your improvements one more time...once this lease is signed the Landlord’s willingness to change and pay for things is gone. Meaning all changes are on your dime and your time.
- Document the process in writing. Don’t rely on verbal contracts or discussions as indications of what to expect from a Landlord. Especially when dealing with a representative. If it’s a real term, it should be in writing.
Here at Tenavox we have complete leasing guides for Tenants that outline your steps to making a better lease decision.
Tenavox is the platform built for commercial Tenant's. 100% Free.
Visit www.tenavox.com to learn more.