Here Are Some Things To Look For In Your First Commercial Space
Posted on: 29 August 2017
Renting your first space for your business is an exciting step to take. Since it's also a big investment, here are some things to know that will make your leasing experience great.
Look for Flexible Lease Terms
Unlike residential leases, commercial leases are generally 5 or 10 years long. This helps you lock down a great rental rate for the first 5 years of your business. It can also be quite a commitment when you don't know if you will be successful in your location yet. So, choose the 5 year lease if you're unsure, or look for the rare annual commercial lease.
Look for a Space that Can Expand
As a small business, you want to start out with a smaller office space. But then you might grow rapidly in the next 5 years. What if that happens? Rather than renting out a huge office space that you may never use, look for rental buildings that have extra space that you could add to your lease if need be.
Choose All-Inclusive Maintenance
Be careful about what your lease says about insurance and maintenance. These can be big costs for a small business. Thankfully, you can find many commercial spaces for rent that have utilities and maintenance included. You might, however, have to purchase your own commercial tenant insurance; that is especially common when you are the only tenant in the building.
Pay Attention to the Landlord or Property Manager
You will likely need to work closely with the landlord or property manager of the space multiple times throughout your tenancy. Problems can arise when you have a manager who is not on top of building maintenance request, for one. Every hour of business productivity lost can mean a fortune for your small business, so you want to make sure the building manager will deal with electrical or plumbing needs very quickly. Another thing is how the manager will deal with complaints either from you or about you. The best building managers are patient and communicative, working out a diplomatic solution after hearing all of the facts.
Learn About Your Options for Tenant Improvements
You're just getting your own style and branding going, and you may want to do something to spruce up the building's decor. See what options exist for making modifications to the tenant space, if you feel you may need to do this in the near future.
Contact a commercial office leasing company for more information.
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