What Everyone Should Know When Leasing Commercial Real Estate

 

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Leasing commercial real estate is not an easy decision as there are many factors you need to consider before signing the dotted line, explains industry veteran Ali Ata. You're not only responsible for the space but also for the people occupying the area and clients or customers visiting the property.


Here are ten important reminders to keep in mind when leasing commercial real estate:

Location is key: The location of your commercial real estate space can make or break your business. Make sure to choose a convenient location for your employees and clients.

 

The lease should be clear and concise: Leases can be complex documents. Make sure you fully understand every term and condition before finalizing your contract.

 

Maintenance and repairs are your responsibility: As the lessee, you are responsible for maintaining the property. This includes everything from fixing a leaky faucet to major renovations.

 

You may need to purchase insurance: Ali Ata points out that you may need insurance for your commercial space, depending on your type of business. This will protect you in case of damages or accidents.

 

Know your rights and responsibilities: Before leasing commercial real estate, it's important to know your rights and responsibilities. These are different from one state to another, so it is best to consult an attorney.

 

Commercial leases are negotiable: Don't be afraid to negotiate the terms of your lease. You may be able to get a better deal if you're willing to haggle.

 

Understand the zoning laws: Each city has its own zoning laws, which dictate what businesses can operate in certain areas. Make sure you understand the zoning laws before leasing any commercial space.

 

Get everything in writing: Make sure the terms and conditions of your lease are in writing, including any oral agreements. This will keep you protected if there are any disputes down the road.

 

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Hire a qualified attorney: If you're leasing commercial real estate, it's a good idea to hire an experienced attorney who can help you navigate the process.

 

Be prepared for the future: Leasing commercial real estate is always a long-term commitment. Make sure you're prepared for the future by researching and understanding all the terms of your lease.

 

Leasing commercial real estate can be a great way to grow your business. Always keep these important reminders in mind, Ali Ata adds.

 

 

Industry veteran Ali Ata loves to share his knowledge of real estate. Read his posts here.

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