What do I need to know when leasing a commercial space?

10 Things to Look for in a Commercial Lease

Cost. The most obvious thing to look for in a commercial lease is the cost and the frequency of payment.
Length.
Inclusions.
Outgoings.
Subleasing limitations.
Jurisdiction.
Rights and responsibilities.
Default and Termination Clauses.

What to know before leasing a commercial property?

Set out below is a non-exhaustive list of issues that you will need to be satisfied about before investing your cash in a full repairing and insuring lease (FRI lease). At the end of the piece I also deal with some common questions I am regularly asked by people looking to start or grow their business by taking on a commercial unit.

How long does a commercial lease usually last?

Typically, commercial leases run anywhere from 3 to 10 years, and the term is usually negotiable with the landlord. But it’s as important to pin down when the lease will begin as to determine when it will end. Unless the space you agree to occupy is already vacant and remodeled to fit your needs exactly, all kinds of last-minute problems can occur.

What do you need to know before leasing a restaurant space?

Here are 10 questions you need to ask about the landlord and building. When planning to lease a space for your restaurant business, you will want to prepare yourself for lease negotiations with a commercial landlord (also known as the lessor).

Who are the experts in leasing commercial space?

Dale Willerton and Jeff Grandfield – The Lease Coach are commercial lease consultants, professional speakers and co-authors of “Negotiating Commercial Leases & Renewals For Dummies” (Wiley, 2013).

What do you need to know about a commercial lease?

Tenants will generally want to obtain liability and personal property protections for themselves. In some cases, the landlord will require these policies to protect the landlord from being added to a claim against the tenant. The lease should also spell out signage and similar rights. Is the tenant allowed to erect a sign, and who pays the costs?

Who is the lessee in a commercial lease?

A commercial lease is a legally binding agreement made between a landlord and a business tenant. While agreements may be negotiated by reps on the landlord or tenant side (or both), ultimately, it is the owner/landlord who signs as the lessee, and the tenant who signs as the lessor.

Which is the best lease for a business?

Arguably the favorite among commercial landlords, the triple net lease, or “NNN” lease makes the tenant responsible for the majority of costs, including the base rent, property taxes, insurance, utilities and maintenance. This even includes standard property repairs associated with the commercial space in question.