How Can You Negotiate the Best Lease Deal for Your Business Rental Space?

How Can You Negotiate the Best Lease Deal for Your Business Rental Space?

Commercial retail leases are way different from home leases. To start with, the lease terms are for longer duration and also the structures of responsibility are more flexible in commercial leases. If you are new to commercial leases, the following tips will help you in negotiating the best lease deal for your business rental space.

Hire an Agency to Negotiate for You

If you are new to a place, it’s better to hire the services of a commercial rental provider in that area. For instance, if you are new in Edmonton, hiring the services of Forum Properties makes complete sense as they know the area and rules well and have been operating for long.

Have Clear Picture of Budget and Must-Haves in Your Mind

Before you start looking for properties, you should know your budget. This will help in finalizing the locations that fit in your budget. Again, there are things that you need to have when hiring a place like a free parking is a must for your business as you can’t do without it. So, you should have a list of must-haves and of those that you can compromise on. This will help in narrowing down your search.

Don’t Hang Up Negotiating a Single Space

If you want to be in a commanding position, it is always recommended to negotiate for more than one location at any given point in time. This helps in keeping forth your terms better and you always have the option of walking away if they are not met at a particular deal as you have space to fall back on.

Make Sure to Check the Square Footage

The commercial rent is according to square footage, which might not be exactly what it was when the property was built. This is because each tenant changes the interiors to suit their needs, which at times leads to shrinking of space considerably. As you will be paying for the usable space, make sure to measure it as the landlords, at times, include the common areas also in the footage space.

Other than these, you also need to include a clause in your lease deed that prohibits the landlord to rent out space in the same building to any of your competitors. These are some of the major things to keep in mind while negotiating the lease deal for commercial space.

Categories: Real Estate

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