Leasing commercial real estate reduces upfront costs, offers you greater flexibility, and eliminates the cost of renovations. Given the constantly rising demand for leased properties, you must be extra cautious not to make mistakes that could cost you in the long run.
Commercial real estate lawyers come in to ensure a smooth and profitable leasing process. Here is how.
Your Lawyer Will Negotiate the Leasing Terms
Commercial leases feature longer lease terms than residential leases. The reasonable length of a commercial property lease is between 3 and 5 years, but it could be shorter or longer depending on your needs.
Unfortunately, short leases are often inconvenient and may harm your bottom line if you intend to put up a permanent business. You could be forced to relocate to a new office just when your brand starts to pick up.
However, short leases can be perfect for seasonal businesses. It's a chance for you to lease an office for the short period you plan to be in business and maybe renew the contract later if necessary.
Similarly, very long leases eliminate the flexibility benefits of leasing real estate property. You may have to spend more time on the property than you intended. It restricts you when your business performance in that location fails to meet your expectations, and you feel like moving to a different location will boost your sales.
Most landlords want to keep leasers in the commercial space for as long as possible. This way, they won't lose money when the space is unoccupied. They won't have to spend more time searching for new tenants. An attorney will negotiate the terms with the property owners to meet your needs and the property owner's interests. They can also advise you on the best lease period that will benefit you and elevate your business to greater heights.
Your Lawyer Can Uncover All Attached Fees
Besides the base rent, a commercial lease often comes with extra costs like:
- Property tax
- Janitorial service fees
- General building maintenance
You may not identify these attached fees unless you are familiar with your state's real estate and business law. You may end up spending way more than you'd planned. Having a real estate lawyer by your side helps you understand the fees involved before you sign the lease contract. The attorney will get to the bottom of each provision to ensure that there are no hidden costs.
Any lease that compromises your finances and business goals is not worth it. Ensure you seek the help of a reputable real estate lawyer to take you through the complex legal requirements. The attorney will help you acquire a lease that meets your business needs and budget.Share