Leasing a commercial property is a great opportunity–approach it correctly with these questions.
When you lease a commercial property, you are gaining access to property under certain agreements. The nature of these agreements can include a lot of fine details, making it very important for you to know exactly what the details are before you make a commitment. Asking the right questions can ensure a great experience and a lack of unpleasant surprises, all while ensuring that you can negotiate to receive the best possible deal. We are going to look at the top 4 questions you should ask when leasing a commercial property!
Important Questions to Ask
If you don’t ask the right questions, you won’t get the right answers. Unfortunately, this can lead to unpleasant surprises down the line. Whether you are a business owner or looking to use a commercial property for any other needs, asking the right questions can help you to ensure that you sign a lease you will be satisfied with.
What Lease Terms Do You Offer?
Lease terms should always be a point of discussion–even before you share what kind of term you are looking for. It is important to know what the property owner is offering to ensure that you are getting the best possible term to meet your needs. Don’t make any assumptions here–always ask.
What Are Your Insurance Requirements?
Insurance is required when you lease a commercial property. The details of the insurance, however, can vary significantly. You want to make sure that these requirements are something that you feel comfortable with. Consider the level of protection and the associated costs with your insurance plan as well. These details can make or break a deal.
What Limitations Are There Regarding Changes?
Most leasing agreements come with some notable limitations when it comes to property. Unfortunately, making changes that are not allowed can result in heavy fines and damages. Be sure to ask what you can and cannot change about a property before signing.
How Much Space is Available?
The amount of space available is very important–especially if you are trying to meet a specific need or won’t be using all of the space. If you don’t plan on leasing all of the available space, you might end up with one or more problematic neighbors. Make sure that you know how much is available, who is currently leasing, and if there is any chance that the property owner might expand later. This will open you up to new neighbors and can force you to endure the inconveniences of construction.
The Takeaway
Leasing commercial properties can help you to receive access to beautiful spaces that will suit a variety of needs. Still, it is important to know exactly what you are agreeing to. For this reason, we always recommend working with a knowledgeable commercial broker to protect your interests. At Denver Commercial Properties, we bring over 25 years of experience and native Coloradan knowledge to help you find the perfect fit and the best rates in the area. Take care to explore the fine details of the agreement before you ever sign on the dotted line. A little care and consideration here can save you substantial expenses and problems!