Negotiating a lease can be a daunting task for any commercial tenant, given the typical complexity and length of a standard lease.
There are many considerations that go into determining which property is right for you and your business, so understanding the necessary inclusions, and staying up to date with the local market are all invaluable ways to empower your negotiations.
That’s where Broadway Property can step in and partner with you, to ensure effective advice.
Here’s what you need to know:
Know your business: Prior to any negotiations, it is important to determine what your business requirements are. Consider the space you need, desired location, and the term of residence. These factors form the basis of your operations, and are the key concerns that should be addressed in any lease discussions.
Understand the market: When it comes to commercial property, maintaining awareness over the current state of the local market is beneficial for any tenant. Make comparisons with properties of similar sizes, location and amenity offerings, and see how this differs from your own lease. Also, check the current vacancy rates in your area, as they may influence the amount of negotiation power you have, especially if they are on the higher end.
Conduct a review: Make sure you thoroughly review every aspect of the lease, with a specific focus on the base rent and any eventual increases over time. Make note of any operating expenses (for example maintenance), and if the tenant is expected to contribute payments toward these.
Book a consultation: The best way to prepare for a lease negotiation is to consult with our team of experts who can put your business needs first, while also taking into account any current market trends and informed predictions about the commercial property sector. Broadway Property offers comprehensive lease reviews to ensure that you are getting all of the necessary considerations at the best value possible.
In a rapidly changing property market, it is integral that you understand the complexities of your lease, and be fully prepared to negotiate for what your business requires.