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Carefully review a commercial lease before signing

| Aug 21, 2020 | Commercial Real Estate

If you’re searching for commercial space to lease, such as an office building or storefront, you know how frustrating it can be. You have a set of wants and needs, and finding them all is easier said than done.

But then you come across the perfect property. It’s at that point that you learn more and begin to consider signing a commercial lease.

While there’s nothing wrong with signing on the dotted line, you must carefully review your lease before doing so. Here are some things to pay attention to:

  • What’s covered in the cost, what’s not: No two commercial leases are the same, so don’t assume that what was covered in your last lease is covered in this one. You need to know exactly what you’re getting for your money each month.
  • Early termination: You don’t have any intention of breaking your lease early, but you may need to do so for some reason. For example, if your company grows faster than expected, you may need to move into a bigger space. Early termination of your lease will come with penalties, so review this carefully before signing.
  • Use of premises: The lease will outline how you can use the property. Be sure that this aligns with your intentions. If it doesn’t, you could soon find yourself looking for an out.

It’s imperative that you carefully review a commercial lease before signing your name and moving in. Yes, you’re excited about doing so, but don’t let that hold you back from conducting a thorough review. And of course, don’t move forward until you’re 100 percent confident in doing so.