Can a Commercial Lease be negotiated?
Friday, December 12th, 2008 at
7:39 pm
ChgoLake asked:
We are looking to move our business to another location. Do we need an attorney to negotiate our commercial lease, or can we do it ourselves. Is rent negotiable as well as security deposit in a commercial lease? What are some things we can ask to be negotiated. Thank you for your help
We are looking to move our business to another location. Do we need an attorney to negotiate our commercial lease, or can we do it ourselves. Is rent negotiable as well as security deposit in a commercial lease? What are some things we can ask to be negotiated. Thank you for your help
Everything in Real Estate is negotiable. You should have an attorney for review of the legal instruments and you should have a professional commercial real estate broker assist you in your negotiations, data research and transaction possibilities.
Honey, everything in the world can be negotiated-even taxes! They will try to baffle you with B._. Net-triple net etc.
Here’s a pretty good site for this kind of info-not mine but speaks to the issues! These guys are tougher than most so you may want a COMMERCIAL Agent on your side. Before you choose the space see a lot of them. Ask about price/square foot and who pays for improvements, utilities, some will be like condos and you could buy them with monthly “condo fees” shop around to see how open the commercial market is in your area. Don’t fall in love with a property until you know the going rates. Be sure to check out the parking and the traffic if your business is a walkin business you need to know about how many people are walking by!?
When I represented a landlord of a shopping center my standard form of lease was 40 legal-size pages, single spaced. There is a ton of info in the average commercial lease and a great deal of it can be negotiated. You should definitely have it handled by an attorney who has experience with commercial real estate.
A commercial agent will be able to handle the business terms for you but you really should have an attorney review the legal terms and what they can mean for you.