5 Tips for Negotiating a Commercial Lease

Once you’ve found the perfect commercial space for your business, the final step is signing the lease. It’s important to review the lease thoroughly and make necessary negotiations to ensure that both you and your landlord are satisfied with the terms of the lease. Before you sign anything, here are five tips for negotiating a commercial lease!

Budget Ahead of Time

Before you even begin looking at commercial properties, you want to set a budget. In addition, decide on the non-negotiable elements that your property must include. This will help to keep you organized and stay on track to finding the perfect place for you. When negotiating your lease, stick to the budget you set as well as the non-negotiables.

Negotiate Asked Base Rent

Landlords will almost always ask for the market rent price that they think a tenant may agree to pay for a commercial space. There are many items that factor into the base rent.  Though they’ll initially ask for a higher amount, landlords don’t expect many to agree.  A broker can help you to avoid being overcharged for your space.

Check Square Footage

When you are looking at commercial properties, take the time to measure the exact square footage of the space yourself. In Maryland, commercial properties are typically measured by square footage, so you may find that you are being overcharged due to an inaccurate measurement of the space.  Make sure you understand the specifics of measuring commercial spaces. Office, warehouse and retail spaces are all measured differently according to standards set by the industry.

Hire an Agent

A commercial lease is a very extensive, complex, and important document. The average person doesn’t have real estate expertise to know what each and every part of the lease means. For this reason, it’s a good idea to hire a professional to assist you in negotiating your lease. Commercial real estate agents have experience in negotiating the economics of leases, so they know how to obtain the best deals and will ensure nothing goes overlooked.  An attorney should be consulted on a commercial lease as well regarding the legal items of the lease.

Want to find an Ideal Location for Your Growing DMV Company?

At NeedSpace Commercial, we fully represent the tenant looking to find the perfect commercial space. Born from A. J. Properties, an Anne Arundel County based commercial real estate firm, NeedSpace Commercial is designed to focus solely on Tenant Representation services, ensuring that you find your perfect business space, avoid mistakes, and negotiate the best deal.

For more information, visit our website www.needspacecommercial.com. To contact us, give us a call at (410)-551-3278!