Commercial real estate is a property used for business purposes and one of the sectors where small businesses get good deals. There are three main types of commercial leases, which includes full-service leases, net leases, and modified gross leases. Knowing how to lease a commercial real estate is important, as it can make or mar your business. You need to learn how to identify, negotiate, and sign a good deal.
This article gives a quick guide on how to lease commercial real estate, including the major things you need to consider.
Location and Accessibility
Location is the first thing to consider when leasing commercial real estate and according to Sky New York Realty, this plays a huge role in the lives of employees, which could affect your business. You should also consider accessibility and ensure an easier means for employees and customers to access your business. Have adequate parking space and choose a location with a high amount of foot traffic and vehicle traffic.
Commercial Property Zoning
There are commercial property zoning requirements for every commercial real estate. You need to understand the zoning laws and the ones required for your business, as the laws let you know the kind of business that can be operated there. For example, a property zoned for a restaurant cannot be used as an office or something else and vice versa. Details regarding this can be checked with your local chamber of commerce or through a quick google search.
Budget and Size
Your budget and size also matter as it helps you narrow down your search. The size of your business is a huge determinant in the maximum budget you will eventually work with. To calculate the size of your business, you need to have an estimate of the number of customers and the workforce that you intend to have. This will help you determine the average square feet per customer, which will further help you determine the average price per square foot for your area. This is how you arrive at your budget and continue your search based on the data you have.
Find a Commercial Real Estate Broker
The complexity of commercial lease agreements will require the skill of a professional real estate broker. This will save you lots of stress and help ensure you get the best deal for your money. There are two types of commercial real estate brokers, which include the Leasing agent for landlords and the Tenant broker for tenants. While the leasing agents work with landlords to find good tenants for their buildings, tenant brokers help prospective tenants locate a suitable commercial property.
Identify the Right Commercial Property
The right commercial property for you involves a number of factors and you need to access the amenities and services offered by the commercial space, history of the landlord, and anchor tenants. The right one for you is the one that is easily accessible and also suits the nature and size of your business, with the necessary amenities in place.