Commercial Lease Do’s and Don’ts in Florida
Commercial Lease Do’s and Don’ts in Florida
If you are trying to find commercial property to lease in the local area, you have probably realized that the market is very competitive right now and that your search has been quite challenging. All is not lost as usually a competitive market seems to indicate that businesses are doing well. Once you find a property that works well for you, if you are serious about leasing, you will need to review and negotiate the terms of the lease in order to ensure that you walk away with a lease agreement you feel comfortable with. What are a few examples of do’s and don’ts you should follow if you want to get the best possible lease? Take a look at the list below.
Do Shop Around
First, you should make sure that you shop around. Even though it may feel like there are not a lot of options available, there are actually plenty of locations as long as you are willing to look hard. You need to take advantage of social media, websites, and professional agents who can help you navigate the current market. That way, you can find the right option for your business. If you are willing to put in a little extra work, you might be able to find a lease that can help you save money while still providing you with the exact amount of space you require.
Don’t Over-Lease Your Needs
As you go through the process, it is easy to get frustrated. Particularly if you are going through this process the first time, you may be tempted to take something that isn’t quite right for your business. For example, you might end up leasing a space that is too big for your business. You do not want to end up paying for something you do not require, so you want to ensure that you do your research and that you have a general idea of the exact type of space that you intend to lease. Of course, the more unique the idea for your space, the harder it will be to find, but at least, having a general idea of what you are looking for will be a step in the right direction. In general, you will need to ensure that you have enough square footage to accommodate your business and there is sufficient parking to meet your needs when at capacity. Additionally, if this is your first commercial lease and you are unsure about the potential success of your business, you might want to consider a shorter lease term; however, keep in mind that shorter lease terms typically cost more in leases.
Do Value Lease Flexibility
When you are trying to find a lease that works for your company, you are probably going to be focused on the price. Even though you do need to think carefully about the amount of money you spend, you also need to consider other terms within the lease that may be of importance to you, such as negotiating flexibility for certain circumstances. For example, it is difficult to predict what is going to happen in the future, so if you are a new business owner, you will want to ensure that you have a good understanding of not only the price, but also the other terms that could potentially impact your business at a later date. Let’s say you find yourself in a situation where you believe you will need a larger space at a later time, you will want to ensure that you have the flexibility to do so in the event that the opportunity presents itself. Also, what does the price per square foot include? Are there any amenities or common area maintenance fees included? Or are those charges separate? Having an idea of what are your obligations under the lease, before you sign it, will help avoid any potential issues in the long run.
Don’t Get Discouraged During the Process
It is critical to make sure you do not get discouraged during the process. You are probably going to get frustrated as you take a look at properties and realize that the properties don’t work for you. Even though this can be difficult to process, you need to be persistent and patient. In particular, landlords are probably going to ask about your business’s financial status, request credit reports, and check references, and these items will take some time to review, which may end up delaying the transaction. Given this, comply with any landlord requests, ensure that you have an Orlando Real Estate Attorney representing your interests, and you should end up with a favorable lease.
Do Hire an Orlando Real Estate Lawyer
Finally, do make sure you hire an Orlando real estate attorney. Orlando real estate lawyers have experience helping businesses navigate commercial leases. Orlando commercial real estate attorneys can make sure you avoid common pitfalls and traps that could otherwise lock your business into a bad lease. When you partner with Orlando real estate attorneys, you have access to a professional who can advocate for your best interests.