Getting a Commercial Property for Rent? Consider These!

Getting a commercial property for rent involves considering a lot of factors such as location, price, leasing, negotiations, and more. However, managing all these factors together can be a lot of hassle. In this blog, we’re going to talk about these factors related to a commercial office space in complete detail.

We will explain each point to make things easier for you. And if it’s your first time renting a commercial property, these points will help you make some important decisions. So, keep these factors in mind before getting a commercial office space.

1. Budget Specification: Figuring out your budget is an important step to getting any space whether commercial or residential. Before you search for properties, you need to determine your budget. Set a top end, a mid-range, and the lowest price that you think is right. Then compare your expectations with the prices you are getting outside.

It is important to know the difference between base rent and bottom line price. Base rent is the price advertised by the landlord which means there are various extra costs. They do not advertise things like maintenance charges, repair costs, business rates, electricity bills, etc. Not knowing about this in advance might give you a bitter shock when the actual price comes up.

2. Property with License or on Lease: Most commercial tenants aren’t aware of the fact that they can occupy a property even without signing a lease. Yes, you can get a license for it and not sign the license. Getting a commercial property for rent with a license is a great option because it requires lower commitment and has a short-term. Therefore, this is the best way to have a bash for the market and open a store on a short-term basis.

However, the drawback is that things can get a little uncertain for a licensee compared to someone who gets a space on lease. That’s because it does not involve a ‘security of tenure’ which offers beneficial rights and access to a property.

3. Choose the Right Spot: The location where you get your commercial property matters a lot. Cheaper rent sometimes means the surroundings are poor and higher rent means the surroundings are happening. But you need to maintain a balance between the two. By surroundings, we also mean your competitors or businesses similar to yours. You don’t want to stay near your competitors even if the rents are cheap. 

4. Lease Negotiation: Aside from negotiating on the base rent, there are various other things out there. While negotiating a residential property isn’t complicated, things with fully furnished office space are. The landlords of commercial properties expect to be knocked down from the actual price during the negotiations. To have an upper hand, they may also offer rent-free periods and incentives, etc.

5. Information is Key: Doing proper research is the best way to begin as well as end the property searching process. It will provide you with a lot of data on the varied properties, tools, and other factors affecting your budget. You can also seek professional help to attain all the information you want. An expert will perform thorough research after understanding your requirements and budgets.