The Ultimate Guide to Leasing Commercial Real Estate
Leasing commercial real estate can be an overwhelming process, but it doesn’t have to be if you take the time to plan ahead and know what you’re doing. Whether you’re looking to start up your own business or relocate an existing one, this ultimate guide will help you every step of the way with buying, leasing, renovating and renting commercial real estate. From finding the right location to gaining financing to understanding how lease clauses work, this comprehensive guide will give you the foundation and insight you need to make your next commercial real estate move a success!
5 Things You Need To Know About Commercial Real Estate
#1. Understanding commercial real estate leasing terminology and strategies is critical.
#2. When you start looking for commercial space, you should create a commercial real estate wish list. The point of this list is to tell the broker or landlord your requirements in terms of location, size, building type, and more.
#3. You need an attorney that specializes in this field and not just a general practitioner because you want them to review everything before signing anything that could lead to future problems. They can also help with negotiating the lease so you can get the best deal possible for your business’s needs.
#4. When it comes to commercial leases, there are two types: non-disturbance clauses and covenants not to compete.
#5. If you’re going into a market where there’s limited space available, it’s important to have patience while still being proactive. There will be opportunities that present themselves if you keep looking until they do!
Things You Need To Know Before Shopping For An Office Space
Selecting the perfect office space for your business is not an easy feat. Your office should offer a welcoming environment for your team and be equipped with the resources needed to power your company. Below are six important things you need to know before shopping for commercial property in any region.
Location, location, location – For an employer, finding the right place means pairing their workers with jobs that provide a strong sense of fulfillment and also allow them a convenient way to get around town without having to travel hours out of their way. Keep this in mind when searching for new office space so that you can find something close enough so that most employees will be able to easily commute there each day.
7 Questions to Ask Before Signing A Lease Agreement
- How is the property? Do you have the ability to customize it in any way?
- What are the terms of the lease and what are your options for extending or breaking the lease early? 3. What are my obligations under this agreement and what will happen if I fail to meet them?
- How much of a security deposit must I make, and how long before it’s returned?
- Who pays for how much when at tax time?
- What are tenant improvements, and do they come with the space or can I pay extra for them later on if needed?
- Am I required to use their insurance company, or is there room for negotiation on that as well?
Things Most Businesses Don’t Do When Setting Up An Office Space
-Lack of Space: You need at least 300 square feet for a startup. -Location: Keep in mind your proximity to local amenities like grocery stores, restaurants, and public transportation. -Signage: You need a tasteful sign with your business name on it, which will have to be permitted by the city. -Parking: Don’t worry about having too much parking when starting out as you may not need all that space and it’ll just cost you more. -Fixtures and Equipment: The cost of fixtures is generally dependent on what size space you’re leasing but try and find things that are sleek enough that they won’t look dated in ten years.
The same goes for equipment! Think about how fast technology changes nowadays and you don’t want to get stuck with outdated computer equipment or furniture. For example, if your lease says there’s no charge for desk phones when you start out, but then new phone systems come along three years later and your lease has a no modifications clause, well… now you have an expensive problem on your hands.
9 Tips On Taking Care Of Your Office Space (and Yourself)
- If you want employees to feel more invested in the success of your company, think about using less carpeting and more natural flooring.
- Plan accordingly for repairs. Start budgeting a little extra cash each month and keep it in a rainy day fund that you can use when repairs or replacements need to be made (i.e., car replacement, roof repairs, etc.).
- Bring some personality into your space with stylish walls décor such as accent pieces, paintings, family pictures or posters – this will make it feel like home.
- Invest in wireless equipment that can be used on an as-needed basis so employees have flexibility with their work location and minimize distractions from cords plugged into desks for computers and phone chargers
- Make sure there is plenty of lighting in all areas of the office, especially cubicles
- Don’t let people hide behind closed doors
- Keep things clean
- Provide adequate storage
- And don’t forget the snacks!
4 Ways You Can Optimize Your Office Space And Equipment
Optimizing your office space and equipment can help you make the most of your space and minimize expenses. Here are 10 ways you can optimize your office space and equipment:
#1. Replace LED lights with fluorescent bulbs or other energy-efficient light bulbs, especially if the room isn’t used often or has sensitive materials in it
#2. Use extension cords carefully so they don’t interfere with traffic flow
#3. Consider adding power strips for multiple items in a single area, preferably not near outlets that already have other things plugged into them
#4. Make sure each person has their own workspace, with their own desk chair, a shelf for personal belongings, proper lighting and good natural ventilation. Furniture should be movable so you can reconfigure workspaces as needed without purchasing new furniture. In general, three square feet per person is sufficient for office use; five square feet is more typical for individual offices. The primary considerations when selecting furniture are comfort and durability; sometimes price will also play a role.