Commercial Real Estate: Photo by Nastuh Abootalebi
Picture: Nastuh Abootalebi
Once businesses establish themselves in a commercial space, many stay in the same location for several years, which means they’re likely not familiar with how the leasing process works should they decide to move again.
However, if the time has come to start looking for a more suitable location, it can be worth acquainting yourself with the process so that you can shop with confidence. Some of the steps below might set you on the correct path.
A business real estate attorney can be a guiding light on your journey to moving into new premises. Even before you’ve found your dream location, consider contacting one so that they’re ready to receive your property agreements and provide helpful advice on structuring them to ensure you’re receiving the best deal. Some of the most skilled commercial real estate attorneys can translate complex legal agreements into easy-to-understand terms while making sure all clauses suit your best interests.
You might know you need to move premises, especially if your current location is too large, too small, or no longer suits your needs in another way. However, you may struggle to find a new commercial space if you’re unsure what you can realistically afford to pay.
Think about your current lease obligations and the extra associated costs like office furnishings and décor. If you’re unsure what your business budget allows, get your accountant and lawyers involved in the process so that you can start property hunting with confidence.
Just as you would take your time to find the perfect home for your family, it pays to do the same when shopping for new business premises. Think about how many offices you’ll need, the overall square footage to suit your business operations, and even how many parking spaces you’ll require.
The location also matters, especially if your team works in-house rather than remotely. You might need to be centrally located if you’re in a customer-facing business, or it might not matter if you’re on the outskirts of a town or city. When you’ve clearly defined your needs, you may find it easier to narrow down your options and speed up the shopping process.
Once you’ve found the ideal premises to suit your needs and budget, you might be ready to sign. However, it can be essential to discuss the lease agreement with your commercial property lawyer before you do.
Lawyers can examine contracts to ensure you understand all the clauses that might significantly impact your daily operations. They can also negotiate terms that don’t work in your favor and even the price to save you money if they believe it’s not reflective of the space’s value.
There might be some discussions over the following days or weeks to get the deal over the line, but it might be worth it when you’re able to enjoy a lease agreement that works in your favor.
Leasing commercial space can be stressful for any business owner, especially when you’re not sure how the process works. However, with the help of lawyers and by doing thorough research, you might be signing a new contract with complete confidence in no time.
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