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Renting a commercial space is perhaps one of the biggest overhead costs a company incurs. Since there is no such thing as a standard lease, you certainly need to become more lease-savvy and acquire some basic knowledge on the subject of leasing. Before signing that lease agreement for a Florida commercial real estate property, try to soak up a number of practical suggestions.
Ask Before You Sign
If you’re a newbie on the subject of commercial space rentals, there are several things you have to be familiar with. One of the most important aspects you need to understand is the legality of a lease contract. Know that once you’ve signed one, you can’t just break the agreement at will or simply alter the terms to suit your company’s needs. It doesn’t really work that way. So prior to finalizing a lease contract for a Florida commercial real estate property, make sure to ask the following questions.
Ask yourself:
* How long do I intend to occupy the commercial space? — You need to foretell how long your business can effectively operate in the space you want to rent. Even though all lease stipulations are negotiable, the lease period essentially sticks to a certain norm. The majority of short-term leases last for about three to five years, while long-term lease contracts are typically valid for ten years.
* Can I walk out on the lease? — Committing a breach on a lease agreement for a Florida commercial real estate property can give rise to grave consequences. You could be denied access to the property, lose your deposit, or be sued. Ensure that you are indeed bent on staying for the period stipulated in the contract, as well as the location, prior to signing.
Ask the broker:
* What is your experience level? — Commercial real estate is actually a specialized field wherein the majority of brokers usually focus on two types of properties: warehouse or office space. Thus, you need to choose a broker who has a highly regarded record in the Florida commercial real estate industry.
* What are your certifications? — It is definitely acceptable to inquire about professional certifications. Although experience is still the best gauge in assessing the competence of a broker, designations from well-known real estate organizations prove that he or she has taken the extra mile.
Negotiate For The Best Lease Deal
Try to bargain your way to the best lease contract for a Florida commercial real estate property. Here are some helpful negotiating tips you can use:
* Take advantage of the “permitted use of the premises” clause. — A commercial real estate lease usually includes a section that lays down this particular stipulation. Try to make this clause as wide as possible since your business might expand or you might decide to sublease a portion of your space to another company.
* Reach a favorable deal for a lease term. — More often than not, landlords of Florida commercial real estate properties are prepared to make allowances for long-term leases. Instead of settling on a fixed number of years, make an effort to negotiate a shorter lease term that has renewal options.
http://commercial-realestate-florida.xon.us — Florida Commercial Real Estate
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Source by Vanessa A. Doctor