Signing a lease is a big decision for your business, and preparation for this process cannot be taken lightly. Here are a few things you must be aware of as you begin looking for a space for your business:
7. Have a working knowledge of rental rates. Rental rates can be tricky. Some landlords set rates artificially high with a few months of free rent to offset the actual cost in order to maintain their property value. Others stipulate that rates increase periodically in set amounts throughout the term of the lease. When paying per square foot, you might find upon closer examination that the landlord’s measurements include square footage that is not really there. Be aware also that leases will often include extra costs on top of base rent, such as operating and marketing costs.
8. Be ready to walk. Even if you become emotionally tied to a potential deal, you need to be ready to walk away from the table. The ability to walk away from a possible deal is empowering and gives you control over the ultimate outcome, ensuring that you get the best deal possible for your business.
Make sure you take the time to educate yourself on the leasing process before entering negotiations!