Leasing commercial real estate can be confusing if you have never done it before, and if you aren't sure what type of property you want, or what amenities you need. You want to talk with a real estate professional before you sign any lease and before you put any money down on a property. Discuss and consider these different features and potential issues before you are ready to select the property that is right for you:
What Type of Spaces Do You Share
When you are sharing a space with other businesses there are advantages or disadvantages. You want to look into these things:
- Sharing a parking lot and the amount of parking available for all businesses
- Private or shared bathroom, how it's cleaned, and what it could cost you
- Communal kitchen area for people to store food
If you think that you won't have enough space, or that you don't want to share different features of the property, a free-standing building may be for you.
Type of Lease and Maintenance
The type of lease you sign, and what this makes you responsible for, should be the determining factor in the property you choose. Talk with the leasing manager, or a real estate agent, about if it's a triple net or double net lease, and if you to pay these things:
- Repairs or replacement of structural materials
These are just some of the things that you could end up having to pay for, and you want to go over the terms of any lease carefully.
If you are interested in buying a property but you aren't sure if you are ready to buy right now, look at properties that are for lease or sale, because if you are happy after the first year or two of your lease you could look into making the location more permanent.
Setting an appropriate and practical budget for the property is also a big part of making the best decision for your business, and you want to remember that you could have to do most of the furnishing. This can be a large expense within itself. There are a lot of different things going on when you start to look at properties, so when you are trying to find a commercial space that is right for you, take these things into consideration along with your budget to make the best deal.