Running a business can be exciting and a little intimidating. One of the most important elements of your business is its location. For some, it can take more than a single try to get it right, and often that means negotiating a commercial lease with a property owner rather than purchasing property. Not every business owner fully understands that negotiating the terms of a commercial lease can be much more complex than renting residential space. Working out the right deal for you business space will likely be one of the most important business deals you make, and getting the details right can sometimes make or break the overall success of your business. Here are some things to remember before embarking on the journey for your business's perfect location.
Not like renting a house or apartment
Residential leases tend to be very standardized; if you've rented one apartment or house, you probably have a good understanding of how it works because there is very little deviation from the standard form. Not so with commercial property. The leases tend to be longer, and can be up to 5-10 years, rents are much higher, as are security deposits, and there is a lot more negotiation necessary when it comes to making modifications to the property as your business needs change, how rent adjustments work, who pays for maintenance and limits on leasing other property in the building to competitors.