If you are a business owner looking for a physical location to set up shop, now is the time to negotiate a good lease deal. With the pandemic affecting the economy, and the commercial property market, there are many vacancies in commercial real estate. This means commercial property owners are motivated and more willing to offer incentives to attract tenants.
In this article, we will discuss how you can find better commercial lease deals and the advantages of having a real brick and mortar office location.
Do Your Research
Firstly, it is important to do your research and understand the incentives that are being offered by landlords. These incentives may include commercial lease rent-free periods, reduced rent, more liberal lease terms, or even contributions towards tenant improvements. It is important to negotiate these incentives upfront and have them included in the lease agreement.
One of the most significant commercial lease incentives that landlords are offering right now is a rent-free period. This is a period of time where the tenant does not have to make rent payments, which can be beneficial for businesses that are just starting out or are experiencing financial difficulties due to the pandemic. Negotiating a rent-free period can help you to save money and invest in other aspects of your business.
Create a Checklist
Another important step is to create a commercial lease walk-through checklist. This checklist should include all of the necessary details about the space you are considering leasing, including the size of the space, common area, what amenities are included, parking availability, and any required renovations. This checklist will help you to evaluate each potential space and determine which one is the best fit for your business.
The Advantage of a Brick and Mortar Location
Having a real brick and mortar office location can be advantageous for many reasons. Firstly, it provides a professional space for you to meet with clients and conduct business. It also helps to establish your brand and create a sense of legitimacy for your business. Additionally, having a physical location can help you to develop a bigger business by allowing you to hire employees and expand your operations.
When searching for a commercial lease, it is important to consider the location of the space. Look for spaces that are easily accessible for your employees and customers. Consider the demographics of the area and ensure that it is a good fit for your target audience.
Work With a Professional
Lastly, when negotiating a commercial lease, it is important to work with a knowledgeable commercial real estate broker. They can help you to navigate the negotiation process and ensure that you are getting the best deal possible. They can also provide insight into the current market and help you to find spaces that are a good fit for your business.
In conclusion, now is the time to negotiate a good lease deal for your business. With current market conditions favoring lessees, landlords are more willing to offer incentives to attract tenants. Reach out to a knowledgeable commercial real estate broker to ensure that you are getting the best deal possible, and get your business off to a great start in the perfect location!