When you find the perfect location for your business, you’ll have to try to secure it. Some business owners don’t want to try to purchase a location. If you’re one of these individuals, you’ll have to lease a space. Before you sign a commercial lease, you need to review the terms. There are some very specific differences between the terms commonly seen in a commercial lease than what’s usually present in a residential one.
One of the most important terms to review covers the payment information. Commercial leases may have hidden fees that can include things like upkeep for communal spaces or a portion of the property taxes for the space. These are in addition to the base lease fee that’s usually advertised.
You should also check the terms for things like space usage, communal space usage, and parking information. These terms can vary greatly from one lease to another, so you must ensure that they work with your needs. For example, if your company can only use a limited number of parking spots, you may not have sufficient parking for your customers and employees.
Make sure you check the terms of repairs for the space you occupy, as well as communal spaces. Some leases have terms that pass on all repair and upkeep costs to the tenants. This might not equate to much most of the time, but you have to think about what will happen if a building-wide HVAC system goes out or the building needs a new roof.
It’s a good idea to have your attorney review the lease prior to you signing it. This gives them a chance to see if they spot anything that isn’t in the best interests of your company.