Finding commercial space and negotiating a lease for it can take time and effort. That’s why it’s critical that you start engaging in that process as soon as you decide it’s time to open your first business locations.
However, negotiating a commercial lease can be a difficult process with lots of traps for the unwary. There are tidbits of information that you should consider when trying to set up a public presence for your operation.
You cannot simply rely on your realtor’s expertise in this area
A realtor may be a great resource for finding different units that you can lease and in guiding you through what to expect along the process, from making an offer to closing. Commercial realtors may be of little help to you when it comes to negotiation.
While many realtors receive training in effective negotiation techniques, that training doesn’t necessarily account for the commercial real estate sector, where there’s a significant degree of flexibility in negotiating contracts compared to the residential one.
An attorney’s role in the commercial real estate lease negotiation process that truly represents your best interests. Of course, those interests will likely diverge from your landlord’s goal of maximizing their profits. Your goals will likely be the complete opposite: to seek the most concessions and keep your costs to a minimum.
What to do once as you prepare to seek out commercial space for your business
It’s quite easy for someone to get caught up in the end objective, which is landing a commercial space for their company, without thinking of the concessions they should demand.
You may find it helpful to consult with an attorney as you prepare to initiate your search for commercial space. They can help you better understand basic contract terms common to commercial leases and help you avoid any costly traps. You may find it helpful to have an advocate review your contact and negotiate extra concessions when you find a space that meets your preliminary expectations.