Tips For Attaining The Very Best Contract When Looking For Commercial Warehouse Properties To RentUncategorized
Before you start searching for a good warehouse space for your business, you should to get educated about the commercial space leasing process. Being prepared should help prevent you from making hurried decisions and costly mistakes thatyou will come to regret in the future. The following are some insider tips to help make an informed decision when letting a commercial space your business
Initiate the process of locating commercial space at least 6-12 months before your existing lease expires or before your ideal move-in-date. Finding the correct space and negotiating the deal alonewill take 1-2 months depending upon the size area and current market conditions. In most cases the spaces you like will need some type of changes which the time needed will depend on the scope of work.
completely examine your business’s present and future needs. Consult with the various department heads for input in addition to some key employees.
Get familiar with allthe commercial real estate terms and meanings. Different landlords say and quote things otherwise. If you’re unsure about what they mean do not be afraid to ask them to get more information.
If you’re not knowledgeable about the commercial leasing process or the present market conditions then consider engaging the support of a tenant representative. Their services do not cost anything because landlords compensate all of the rental commissions. The landlord representative will have an knowledgable listing agent representing them so it would be a great idea for you to have one too.
Personally tour all of the properties that meet your needs so thatyou can make a short list. Bear in mind that the layouts can be reconfigured so don’t get stuck on that. Ask the landlord agents a great deal of questions regarding the ownership, property amenities, required lease duration, how much the landlord is willing to give in tenant improvement allowances, etc..
Don’t settle for the first commercial space you believe is acceptable for your needs: continue looking until you have at least 2 to 3 other choices. These additional options will work to your benefit because you will know what to expect throughout the lease negotiations and you’ll gain more leverage with numerous landlords competing for your business. They also give you something to fall back to if the negotiations for your first choice go silent.
Send out proposals to your top three to five choices. These aren’t legally binding. You don’t ever need to have a landlord representative’s verbal word. Everything should be in writing.
To help you decide what property is best suited for your business, prepare a spreadsheet to do an apples to apples comparison of each property. Some of the things you should consider include the dimensions of the space, the inquiring foundation rental rates, the necessary lease duration, and the incremental costs (taxes, insurance, maintenance, etc). It is also possible to take note about the pros and cons of each property. If you’re budget conscious then you can quickly narrow down the list by simply calculating the monthly base rents for each property then removing those that are way over your budget. The monthly base rent is calculated by multiplying the commercial space square feet from the asking base rate plus any operating expenditures then dividing by 12.
If any of the commercial spaces need tenant improvements then it is important that you figure out what improvements you want on each and get preliminary bids. This way if the landlord is offering a tenant improvement allowance you will know how much out of pocket you’ll have to pay over and beyond what the landlord is willing to give.
Carefully analyze and compare the terms of each proposal. Consider whether it makes sense to return to each landlord to negotiate additional concessions. Be sure you completely understand the total expenses you’re expected to cover. Don’t get emotionally attached to a specific property until the negotiations are over. Emotional attachment might result in you signing a contract thatyour business cannot live up to.
After negotiations are finalized and you’ve made your selection now it’s time to have the landlord offer you the first draft of the commercial lease contract.
Now it’s time to reassess the commercial lease contract. It would be wise for you to hire an attorney to review the lease. If you have a tenant agent then they could review the lease with you as well. Commercial lease language could be negotiated. If you do not like particular lease items or would like to propose new language today is the time to do so.
Once the end of lease contract negotiations has ended the landlord will provide you a draft of the lease to review.
There are many more things to think about when renting commercial space however these ideas will help get you going. If you’re a new business renting commercial space for the first time or an existing business who has just leased one or 2 spaces then consider getting help from a tenant representative. Their services do not cost you anything and you’ll save a lot of time and money.
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