Renting Commercial Space 101: All the Basics You Need to Know in 2022
Commercial real estate is a booming market these days. Renting commercial space can be a great way to get started in business, or to expand an existing operation. But before you sign that lease, there are a few things you need to know. In this article, we will discuss the basics of renting commercial space. We’ll cover everything from location to square footage to price. By the time you finish reading this article, you’ll be ready to take the next step and start your search for the perfect property!
Make Sure The Lease Will Meet Your Company’s Or Business Needs
Commercial office leases aren’t something you’ll be signing every day. Before you start utilizing the space, you only get one chance to sign it. As a result, familiarizing oneself with the agreement’s components is critical. Here are a few things to think about while choosing whether or not the lease is right for your business.
The Physical Space
The first step is to choose the right commercial space for your business. The physical space you select should support your business goals and objectives. If you’re not sure what type of space you need, consult with a commercial real estate broker who can help you identify properties that fit your criteria.
Location is key when choosing a commercial space. You’ll want to consider factors such as foot traffic, public transportation, parking, and accessibility. Make sure the location is convenient for your employees and customers alike.
Once you’ve found a few potential locations, it’s time to start touring properties. When touring a property, pay attention to the overall condition of the building and make note of any necessary repairs or renovations that would need to be made. It’s also important to consider the layout of the space and how it would accommodate your business needs.
Ensure that you can afford the rent by researching the average rental prices in your area for similar properties. You’ll also want to consider the size of the space you need and any special features or amenities that are important to your business.
Rent Duration and Renewal
Commercial leases typically last for three to five years, although shorter terms are sometimes possible. Be sure to discuss the terms of your lease with your landlord and have a lawyer review the agreement before you sign it.
You should also be aware of any provisions for renewing your lease and how much notice you need to give if you decide not to renew.
A security deposit is typically required when you sign a commercial lease. This deposit is usually equal to one or two months’ rent and is used to cover any damage to the property or unpaid rent at the end of your lease.
Be sure to get a receipt for your security deposit and keep it in a safe place. You’ll need it when you move out of the property.
Commercial Office Lease Terminologies That You Should Know
There are so many terms that are used when renting a commercial property. Here are some of the most important terms that you should be aware of before signing your lease agreement.
Refers to the amount of money that the tenant agrees to pay the landlord for use of the property. Rent is generally paid on a monthly basis and is due on the first day of each month.
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Length of the Lease
Refers to the duration of the lease agreement. Commercial leases typically range from three to five years, although shorter terms are sometimes possible.
Specifications for Signs
Refers to any restrictions on the type, size, or placement of signage at the property. These provisions are typically included in the lease agreement.
Refers to any other provisions that are included in the lease agreement. These may include provisions for renewing the lease, subleasing the property, or terminating the lease early.
So, there you have it – a quick rundown of the basics you need to know when renting commercial space. Of course, this is just an overview and specific details will vary depending on your business and the property in question. That’s why it’s important to consult with a qualified real estate agent who can help guide you through the process and answer any questions you may have. At the end of the day, getting the right office space for your business is crucial for success. Are you ready to take the next step? Give Synergy Work Suites a call today!
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!