Leases are complicated and, thus, difficult to understand. When they happen to be commercial, the complexity hits the roof with many more variables than its already hard-to-get residential counterpart. It is the reason signing a commercial lease could take many months. If you, too, are on the verge of signing one and need significant assistance as an ultimate checklist while signing a commercial lease, here is a quick rundown:
Know the Area
You would have surely heard about the term "square foot." It is the parameter used to find out the monthly rent. As you will be paying money for every usable square foot, ensure that no chargeable foot goes into wasted regions. Ask for the left-out regions and clarify what you will be charged for them
Ask for the Amenities
Asking for all the amenities that will be part of the monthly rent is one of the many common things any business owner would do. Make a list of all the important ones beforehand to ask and negotiate before signing the lease.
Know the Landlord or Owner
Knowing the person you would be dealing with from day one is always preferred. Just as your landlord holds the right to know your background, you do, too. Staying aware of the complete background of the landlord and building owner (in case they are separate authorities) helps decide better if he is the right person to deal with. Enquire about him/them from tenants in the same building.
Know the Zone Laws
Knowing the zone laws is a must, especially for businesses that might call for exceptions in general business rules. For instance, if you have an in-house production facility with the constant noise of machines, get an exception added to the lease agreement for noise and a relevant no-objection clause (to stay immune from the complaints of your new neighboring tenants).
Understand the Exit Strategy Provision
There are always chances of things going awry, even after all the precautions. For such an unforeseen contingency, know the repercussions (in terms of cost) of exiting early. It would also help you be double-sure before signing the lease.
You might have found a dream rental office space with much toil and spent resources; signing the lease must also not be hastened. After all, it is a long-term commitment that will surely attract harsh repercussions in the case of an early withdrawal. Scan the above checklist to know the facts; if doubtful, ask the property owner blatantly!