How can you be sure the commercial space you’re looking to lease is the right fit for your company? You may get a better rate if you sign a longer term lease but you wonder if the space will suit your longer term needs. To reduce the risks of a longer real estate commitment there are several steps you can take to help you make to right decision for your company.
Research Before Signing Your Lease
Before signing your lease make sure you have done your research to find out more about the location of the building. What’s the neighborhood like? Are there any new developments in the works nearby? What’s the building’s access like? Can employees get to and from work easily? Is there adequate parking for your employees and visitors?
Carefully read the entire lease and ask for clarification about anything that seems suspicious, out of the ordinary, unclear or otherwise problematic. Ask for revisions if something isn’t right. Check the rental rates in the neighborhood so you know you’re rate is fair.
Who Manages The Property?
Who you’re leasing from matters as much as what and where you’re leasing. Conduct online searches and read reviews to find out what people have to say about the landlord. A good or bad reputation is pretty easy to spot. Also consider the type of property management that’s in place. Where is the property manager located in relation to you – in the building or out-of-state? Who will available to answer your call if you have problems or concerns?
Be Thorough During The Site Inspection
Schedule plenty of time for your site inspection. Walk through every part of the building, take notes and write down concerns. Make sure the lighting is satisfactory. Are there enough electrical outlets? What about the interior temperature and the HVAC system in the building? Also make sure the wifi is good and that you can get cell phone service in every part of the building.
Talk To The Neighbors
Don’t commit to a lease until you’ve met the other tenants in your building. Also talk to the owners and managers of the companies located in the immediate vicinity. Find out what they have to say about safety, security and upkeep. What’s their opinion about the property and landlord?
Look Toward the Future
Make sure that you have taken the future into consideration before you finalize your lease. Be sure to think about the growth of your company and any changes to your business. Will this building meet your needs throughout the entire life of the lease? You want to make sure the office space will serve your future needs.
Consider engaging howardcommercial
Regardless of the size or scope of your real estate requirements, we provide guidance and advice in today’s complex world of commercial real estate. We represent clients ranging from individual business or property owners to local, national and international corporations.
Our areas of expertise include tenant representation, buyer & seller representation, investment property acquisitions & dispositions, development & build-to-suits, co-investment services and consulting.
Give us a call at 314-821-0085 or send an introductory email to doug@howardcommercial.net
