Is Your Business Looking for a New Commercial Lease Option?

Written by Economic Development Jobs on May 24, 2017. Posted in Commercial property new lenox, Office space for rent new lenox, Retail space in westland mi

Retail space for lease new lenox

The amount of commercial property for rent in any given location often directly impacts the price of purchase and of rent. In locations where there are many opportunities for commercial property for rent, for instance, the rent can be a little lower. In locations where the commercial property for rent is limited, however, renters are often faced with higher priced leasing options.
Both large retail space for rent and small retail space for rent seek specific kinds of tenants. The specifics of a space can also dictate what kind of renter might work best. For instance, a small business space for rent that is equipped with a a small kitchen area and a drive through window can serve as a perfect coffee shop. A large retail space for lease, on the other hand, can serve any number of purposes, from a cross fit gym which requires very little build out to a more detailed office space that needs to be build out to accommodate customers, clients, and team meetings.
When you find yourself in the market for commercial property for rent it is important to have a list of priorities that you are looking for to help guide you in your search.
Length of Lease. Many leasing agencies own several properties and are able to offer a number of leasing options. Some, for instance, know that they can even offer a short six month lease because if they have another possible tenant who is looking for a longer lease they have other properties to lend. Likewise, the number of properties that an owner has can also determine how much notice a tenant has to give before vacating a property. If, for example, they have a number of potential clients looking for the one space that the leasing company owns they may allow you to get out of a lease early. If the leasing agency only owns one building and they do not have a long line of potential clients they may require a six month or one year notice.
Finding a leasing agency that meets your needs and provides the flexible terms that your company needs is essential to the success of any company.

Cost of Lease. As stated, lease prices are often determined by the current market. For instance, In line with the economic upswing of the third quarter in 2014, commercial real estate agents reported market gains. Other times, however, are not as profitable and the price of a lease is a delicate balance between the other properties that are available and the current market.
Price can be a negotiating point, though, and it is important that a potential tenant understand budget limitations. Over committing on the price of a property can be a significant challenge to overcome if things are not going well. If, however, you can talk to the property owner and reach an affordable price you can increase the chances of success and profit.
Terms of Lease. Commercial leases vary. While some stipulate that the tenant is responsible for all property upkeep and repairs, others specify that the owner of the property is responsible for systems such as the air conditioning, plumbing, and other larger systems. Some properties allow you the tenant to rearrange and reconstruct the interior space without prior approval, but other property owners insist that they are kept informed about any and all changes that are made.
Even when the leasing company is the one who does the built out for a property, however, it is important to remember that in addition to renting commercial spaces, the tenant may also have to consider costs like renovation, decorating, technology system upgrades, and other changes.
Choosing a business location involves many considerations. From looking at demographics, assessing a supply chain, considering the competition, staying on budget, and understanding state laws and taxes, a leasing decision is one of the most important choices. Finding a property in a location that is near shopping and other popular destinations can help you position your retail space for success. Considering locations that are in the most desirable locations and communities throughout your area is essential to the success of your business. Are you ready to begin your search?

Leave a comment

You must be logged in to post a comment.