Category: Other
Most tenants do not know how to negotiate for a commercial lease. It is not very hard, and if you can try to get the best, it’s possible. Just do not give up before trying to bargain and get the best. Here are some tips that will help you get the best commercial lease Brooklyn.
Decide the length of the commercial lease
After you successfully applied for rental space and received positive feedback, your lease forms will be made available. Check the length of the lease and work on it if you find it different from what you expected. Most small businesses get a one or two year term, but with an option to renew. This kind of time does not tie you while giving you a chance to extend your stay if you wish so. In most cases, the shorter the lease, the better, you can find a better location but feel tied down by the lease. On the other, if you have a business that relies on location, such as a restaurant, negotiate for a longer lease.
Get to know about rent rates and compare
You should research and know all about the costs of rent in the area where you want to rent a space. It is an important part of the lease agreement and once you sign you cannot negotiate for the rent to be reduced. The landlord is likely to increase rent after every term. Negotiate about the renewal options ahead before you get to that point.
Check for any hidden costs
You can either get a gross lease where all costs are included or net lease costs excluded. Most commercial leases will have some things hidden and make the tenant cater for maintenance and everyday upkeep. Get to know what the commercial lease and the things your business will be responsible for.
It is wise to find out these costs in detail and negotiate where you feel it’s not good for your business. Also, remember to check if the meters are separate or combined.
Ask the landlord to give you favourable modifications
You should not be afraid of asking for changes to benefit your business. One of the beneficial clauses is allowing you to sublease your space. You might find it advantageous to relocate to another area, or maybe the business is not doing well, and you choose to close.
Scrutinize the termination clause
Every lease contains details about termination and defaulting of the commercial contract. It should allow you to cure a default by providing a certain period and particularly not ask you to pay the amount remaining for the whole lease.
It is good to negotiate for penalties just in case you want to leave before the expiry date of the commercial lease. This allows you to know the benefits of the lease and prepares for the responsibilities of being a tenant here.
Read the commercial lease carefully and understand every word. By doing this, you will not be surprised when asked to meet your responsibilities along the way before the lease expires.
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