3 Things You Need to Know Before Signing a Commercial Lease
Starting and growing a business is a challenge. Finding and committing to a work space that will enable success is one of the biggest challenges your organization will need to overcome. If your business is new or simply in need of more space, the abundance of available commercial property and tenant friendly market conditions can prove to be enticing. However, even in a tenant driven market, negotiating a commercial lease is a daunting and complex process that requires research and due diligence.
You have narrowed down a location, now what? Here are three “rules of thumb” that can help you avoid a costly mistake when signing a commercial lease.
1. Have Your Lawyer Review the Agreement
Before signing a commercial lease it is important to have your legal team revise and review it in detail. A crucial piece to any lease is determining how and if it can be terminated.
2. Remember: Every Lease is Negotiable
It is important to make a list of provisions that would ensure the terms meet your company needs. If it doesn’t, find out whether the landlord can make the required physical modifications of the space.
3. Be Clear About Maintenance and Repair Responsibilities
Your new lease should list who is responsible for maintaining and repairing the space. Remember, it can be costly to maintain a space that is in less than fair condition.
Would You Like More Help?
CPM One Source, Inc. is in the business of helping organizations just like yours. We are a full service project management company specializing in office relocation, furniture installation, space planning, furniture reconfiguration, storage & warehousing and asset management. Contact us for more information.