There are a lot of ingredients that go into making a successful business. You need strong supply chains, top talent, aggressive marketing, and a willingness to adapt to a changing business climate. Another major component of a successful business that is often overlooked is commercial real estate. After all, you need a place to conduct your business. But not just any place will do. If you’re a business looking for physical space, then you need to make sure that you’re doing everything you can to protect and advance your business interests.
Don’t overlook the importance of your commercial lease
Far too often, individuals and businesses that lease commercial space gloss over the terms of their lease before signing off on it. This can be a huge mistake. While you certainly need to be aware of how much leasing the property will cost you and how long you’re securing the property for, there are a lot of other critical aspects to your lease that you need to pay attention to. Here are some of them:
- Maintenance: You need to be aware of who is responsible for paying for maintenance and repairs. After all, keeping a building up to code and appealable to consumers can be an expense that you might not be prepared to handle.
- Restrictions on use: You’ll probably choose your commercial real estate based on how it meets your business needs. If, however, the lease contains restrictions that limit your business operations, then you could find yourself locked into an agreement that threatens your business’s viability.
- Improvements: If you need to make improvements to a commercial property, then your lease needs to address everything pertaining to the improvement process. Designing, final approval, and allocation of costs should all be addressed.
Obtain the commercial lease you need to further your business interests
Commercial lease agreements can be long, detailed, and full of legal terms that might not be the easiest understand. But that shouldn’t stop you from reading through those terms, analyzing them, and negotiating them to suit you and your business needs. If that sounds daunting, don’t worry. You don’t have to deal with these matters alone. Experienced commercial real estate attorneys stand ready to help.