Signing a commercial lease is a big commitment, especially when the individual signing the lease is a new business owner. Commercial leases can sometimes be lengthy, meaning the tenant must be willing to commit to renting the space for a long period of time, and they usually carry a hefty price tag depending on where the property is located. Although signing a commercial lease might seem intimidating, it is important for potential tenants to understand that commercial leases can sometimes be negotiated depending on how badly the landlord needs to rent out their space.
If a new or established business owner is looking to rent out a commercial property, here are a few tips they should consider that may help them get a better deal.
- Find out what other commercial spaces are renting for in the same area. It is always a good idea for a business owner to find out what other spaces that are similar in size and location are renting for. This can help them determine if the landlord is offering a fair price or if it is too steep. Because the rent is going to include much more than just the cost of the property itself, it is important for a business owner to choose something they can afford. Based on research, if an individual finds that the rent seems a bit high, they or their real estate lawyer can always attempt to negotiate with the landlord or property manager to see if they are willing to budge.
- Assess the circumstances and determine whether properties are being rented out. If there has been a drop in the market and landlords aren’t renting out their commercial properties as quickly as they would like, it may be a good opportunity for a business owner to put in with an offer. Sometimes, when a landlord is struggling to retain or get new tenants, they may be more inclined to negotiate with a business owner just so they can get their space rented out.
- Consider the length of the lease. Many commercial leases require a tenant to agree to rent a space for three to five years. Now, because this is a long period of time, especially for a new business owner who isn’t sure their business model will work, they should consider negotiating the rent in exchange for signing a lengthy lease.
In addition to these tips, Forbes offers some other helpful things business owners should consider before renting out a commercial space.
Experienced Orlando, FL Real Estate Attorneys Can Help Business Owners Negotiate Commercial Leases
If a new or established business owner is looking to rent a commercial property in Orlando and would like to negotiate the terms or price of the lease, they can contact Legal Counsel P.A. for help. Having a real estate attorney present to assist with a commercial lease negotiation can help significantly as they are familiar with the tactics that can be used to increase the chances of a potential tenant obtaining an outcome that is favorable to them.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]