Real estate prices in the FLORIDA area are slowly starting to rise. While the economic recovery is still uncertain, competition for commercial space will grow in the next five years. Every business starts with a bright idea. Whether you need help getting your idea off the ground or want to grow your business, we’re here for you at HAPPY HERAL REALTY. We provide individualized consulting and training to new and growing businesses. Follow these 10 tips for negotiating a commercial real estate lease. 1. Do your homework. Know the average cost of the type of commercial space you’re seeking—retail, office or industrial. 2. Determine your needs. Consider space, utilities, infrastructure, parking, storage, accessibility to major highways and more. 3. Get professional help. Our team of realtors can offer a lot of useful information, explain terms and help you negotiate.
4. Ask what the total cost covers. Cost per square foot is just the beginning. There may also be Common Area Maintenance (CAM) costs, property taxes, insurance, trash collection, repairs and utilities.
5. Know what is permitted. Make sure you understand what uses the property is permitted for and there are no zoning regulations or laws that could adversely affect your business. 6. Discuss improvements. If you need to remodel the property to suit your business be sure you understand what improvements can be made, who will pay for them, who will oversee the work and whether you’re expected to restore the space to its original state if you move. 7. Ask about subleasing. Getting the rights to sublease part or all of your space to another tenant protects you from breaking the lease if you must move unexpectedly. 8. Consider timing. You can generally negotiate better terms with a longer lease. 9. Put it in writing. Never negotiate based on a verbal offer. Get terms in writing and have your attorney review them. 10.Ask for what you want. In today’s economy, tenants still hold the bargaining power—so ask for the extras you want. Who knows? You just might get them.
