Tips for taking Commercial Property on Lease

Most of the small scale companies start off their businesses by taking a commercial property on lease. Directly buying a property is not easy as it involves a lot of financial commitments. This is why most of the beginning entrepreneurs start by renting a property. The types of commercial property are:Leisure spaceRetail spaceOffice spaceIndustrial spaceHealthcare spaceMultifamily spaceThere are a certain things that have to be kept in mind while taking a commercial property on lease. The tips given below will help you at the time of renting a commercial property.

• Before taking a commercial property on lease, make a list of all your priorities and features that you want the property and its premises to have. For example, car and two wheeler parking space, generator back up, landscaping and so on. You should do sufficient homework before you choose a property.

• Make sure you check out at least 4-5 properties before taking one on lease. Don’t simply take up the first property that you see.

• Check for all the documents with the leaser before renting the property. Remember, when you take a property on lease, it’s just like any other contract that involves clauses. Make sure to go through all the terms of the lease.  It is always good to consider taking a lawyer’s help. You can show the lease documents to a lawyer and ask for his advice.

• Try to understand the aspects of rent. Most of the commercial properties are leased on per square foot rent. See whether the rent includes the rates for elevators, parking space, corridor and so on. The location of the property and the amenities that it has decide the rent of that particular commercial property. So check if the rent demanded is appropriate or not. If needed, you must not hesitate to negotiate on the rent.   

• The property that you rent doesn’t have to be perfect and you might have to do some amendments there. In such cases, it is very important for you to take your landlord’s permission. Also, make sure to specify the type of work that your company does.

• If the space is too big for your small business, you might want to further sub-lease it to some other small scale company. This way, it’ll be affordable for you to share and pay the rent. But, never do this without your landlord’s permission.

• Finally, also remember to consider other factors like maintenance, security facilities and other rights.

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