When it comes to renting a commercial space for your business, there are a lot of things to take into consideration. Here are 10 important factors to keep in mind before signing a lease:
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Location, Location, Location
The old real estate adage of “location, location, location” definitely applies when choosing a commercial space. You’ll want to consider the foot traffic in the area, as well as the surrounding businesses.
The Size of the Space
Make sure the space you’re considering is the right size for your needs. You don’t want to be cramped up or have too much unused space.
The Layout of the Space
The layout of the space is also important. You’ll want to make sure it’s set up in a way that’s conducive to your business needs.
The Condition of the Space
You’ll want to inspect the condition of the space before you sign a lease. Make sure there are no major repairs that need to be made.
The Rent
Of course, you’ll also want to consider the rent of the space. Make sure it’s something you can afford and that it fits within your budget.
The Length of the Lease
Be sure to consider the length of the lease you’re signing. You may want the flexibility of a shorter lease or the stability of a longer lease.
The Terms of the Lease
Be sure to read and understand the terms of the lease before you sign it. You don’t want to be caught off guard by any surprises.
The Renewal Terms
If you’re happy with the space and want to renew your lease, be sure to find out the renewal terms in advance.
The Utilities
Find out who will be responsible for paying the utilities for the space. You don’t want to be stuck with a big bill you weren’t expecting.
The Insurance
Make sure you have the proper insurance for your business. You don’t want to be under-insured or over-insured.
By keeping these 10 factors in mind, you can be sure to find the right commercial space for your business needs.
