5 Common Misconceptions About Renting Commercial Space
Commercial renting can be a daunting task. There are so many things to consider: square footage, price, location, and more. It’s easy to become overwhelmed by it all. In this blog post, we will dispel 5 common misconceptions about renting commercial space. Armed with the right information, you’ll be able to confidently rent the perfect space for your business!
Leasing Commercial Space Is Just Like Renting An Apartment.
One of the most common misconceptions about commercial space is that leasing is just like renting an apartment. This couldn’t be further from the truth! When you’re renting an apartment, you’re only responsible for taking care of your own unit. But when you’re leasing commercial space, you’re responsible for the entire property. This means that if something goes wrong, you’re the one who has to fix it.
Takeaway: When you’re leasing commercial space, you’re responsible for the entire property. This means that if something goes wrong, you’re the one who has to fix it.
It Is Much Better To Buy Than To Lease.
Another common misconception is that it’s always better to buy property than to lease it. This isn’t necessarily true. It depends on your individual circumstances. If you’re not planning on staying in one place for very long, then leasing is probably the better option. But if you have the finances to buy a property outright, then it might be a good investment.
Takeaway: Only buy real estate if you plan to stay in the market for the long haul and if the property has the ability to expand in the future.
You Only Need Your Attorney To Negotiate A Good Lease.
Some business owners and CEOs believe that their attorney or in-house counsel will not only defend them legally in a real estate transaction but will also be able to negotiate the best lease terms for them. While lawyers should be present during the leasing process, they should not be your exclusive representative in any real estate transaction. Lawyers, for example, are unfamiliar with rental and vacancy rates, space planning and construction, and a variety of other facets of a lease deal. Instead, you should assemble a team of experts and delegate responsibility for each professional’s area of expertise.
Takeaway: While lawyers should be present during the leasing process, they should not be your exclusive representative in any real estate transaction.
Hiring A Tenant Rep Broker Is Expensive And Unnecessary.
There is a common misconception that working with a tenant representation broker is expensive and unnecessary. This simply isn’t true! In fact, working with a tenant rep can save you time and money in the long run. A good tenant rep will be familiar with the market and will be able to find you the best possible space at the best possible price.
Takeaway: Find a tenant representative who understands your industry and use their expertise to improve and steer your real estate strategy.
By Nyttend – Own work, Public Domain, https://commons.wikimedia.org/w/index.php?curid=12521390
You Need To Put Down A Large Deposit To Lease Commercial Space.
Another common misconception is that you need to put down a large deposit to lease commercial space. This isn’t always the case. Sometimes, landlords will require a security deposit, but it’s usually only one or two months’ rent. And in some cases, they might not require a deposit at all! It all depends on the landlord and the property.
Takeaway: The amount of your security deposit, if any, will be determined by your landlord and the property you’re interested in leasing.
Have you heard any of these misconceptions about leasing commercial space? If so, it’s time to set the record straight. At Synergy Work Suites, they have a lot of experience helping businesses lease the perfect property for their needs. They want to help you navigate through this process, and that starts with dispelling some common misconceptions about renting commercial space. So give them a call today–they would be happy to answer any questions you have and get you started on finding the right place for your business.
Are You Looking for an Affordable, Dedicated Office Space in Worthington?
Within the heart of Worthington, where rich traditions meet modern innovation, lies Synergy Work Suites; an affordable, elegant, and functional office space for people to collaborate and create. Our vision is an affordable workspace that provides elegance, comfort, and function; we are family-owned with our own goals in mind – giving small businesses opportunities to grow. Let us take care of your ideas and plans here at Synergy Work Suites! Contact us today for your free tour!