The building that houses your business is a substantial investment. It’s not only a financial investment, but also an investment into your brand image. The building is the face of your company. It’s the first impression. It can make or break your customer experience, and it will directly influence your employees’ comfort and satisfaction. Before you enter a commercial lease, consider these five things.
5 Things to Consider When Entering a Commercial Lease
1. Changes to the Space – You’ll likely want to change the leased space to fit your business needs and personality. Make sure the commercial lease agreement permits you to make the planned alterations. This includes any extra walls, renovations to the office space and bathrooms, wiring, lighting, and paint.
2. Signage – Check the terms for the signage you can put up, and if they will allow you to put signs out in front of your store. This might not be a make or break it factor but it’s good to know for planning purposes.
3. Consider the Competition – If you are looking to lease a space in a shopping center, check to see if there are any competitors in the same area. Your proximity to a competitor will influence how you design your store front. If there are no competitors in sight, check your lease terms and see if they allow your landlord to sign a competitor within the same area.
4. Who Handles Maintenance and Repairs? – There are bound to be things that go wrong in the space you lease. Whether it is a result of regular wear and tear or an unfortunate mishap, you need to know who will be responsible for responding to these issues. This will affect the financial assets you need to have on hand and the ease of managing your space.
5. Length of the Lease – Consider the length of the lease. How sure are you that your business will do well in that location? Will it accommodate your company’s growth? How confident are you that it has all the amenities and flexibility that your business needs? Will you continue to be able to afford the cost of the lease? These are all factors you should consider when looking at the length of the lease.
The Value of a Tenant Representative
These are only five things of the things you should consider before you sign on the dotted line. There are a host of other things you might not think of considering or that you didn’t know were possible. That’s where a tenant representative comes in. A tenant representative has a wealth of experience handling commercial leases on behalf of tenants. He or she can help you find the best location for your business at a price you can afford.