If you’re looking for a commercial space to lease for your business, then you need to make sure it suits your needs. That sounds easy to do, but there are a handful of pitfalls along the way. If you don’t steer clear of them, then they could leave you stuck with a property that’s more costly and prohibitive than you expected.
So, before signing off on your commercial lease agreement, be sure to slow down, fully analyze the terms, and negotiate to secure the agreement that’s best for you and your business.
What mistakes should you be on the lookout for?
Sometimes real estate moves so quickly that you want to act fast to secure a commercial property that seems right for you. But you don’t want to be so hasty that you put yourself at risk. Therefore, you should be aware of the following mistakes that you’ll want to avoid when dealing with a commercial lease:
- Not paying attention to terms relating to your obligation to pay operating expenses, which can be quite expensive over time.
- Failing to consider the breadth of repair and maintenance provisions, which the landlord may try to extend to cover areas outside of the space that you’ve leased.
- Not knowing what your expansion rights are under the agreement.
- Not understanding how or when improvements to the property will be made and how they relate to your rent.
- Not realizing restrictions placed on your ability to sublet.
Don’t get taken advantage of in your commercial lease
Please keep in mind that these are just some of the many pitfalls you could fall into when negotiating a commercial lease. So, be on your toes, be diligent, and seek out the help you need to ensure that your interests are fully protected.