Are you getting ready to sign the lease on a commercial space? Congratulations! Signing the lease on any property, whether it be residential or commercial, is exciting. But don’t let that excitement get the best of you. A lease, like any kind of contract, is a commitment, so you want to make sure that you know exactly what you are getting before you put pen to paper. The commercial real estate experts at NAI Isaac in Lexington, Kentucky have some things you’ll want to make sure you know before you sign on the dotted line.
1. The length of the lease
Probably the most important part of any lease is the amount of time it will run for. Commercial leases tend to be longer than residential leases, which generally only run for about a year at a time, so be sure you know exactly for how long you are committing to using the space.
2. The amount of the rent
As with renting other kinds of space, the rent of your commercial space will likely be determined by the square footage of the space you are looking to rent. So, because of this, the more space you are renting, the more you are going to be paying in rent. You will also want to make sure you are aware of what is getting factored into your rent payment, such as if the rent includes any utilities or insurance on the space. If not, you will also want to make sure you have that squared away before you move your business in.
Where the length of commercial leases tends to span multiple years, it is very possible that your rent could go up while your business is still occupying the space. You will want to make sure you have discussed this with your leasing service beforehand so that everyone is on the same page.
4. Lease renewal
While the length of commercial leases tends to be fairly long, the ultimate goal of renting a commercial space is to find a true home for your business. If you love the space you’re renting and have found real success there, you will want to make sure that renewal of the lease is an option for you.
Have we given you some ideas of what to ask before signing the lease on your commercial space? If so, or if you still have questions, contact the commercial real estate experts at NAI Isaac in Lexington, Kentucky today to get started on renting your commercial space.