If you are just starting to look into finding a commercial space for your business for the first time, the process can seem overwhelming. Don’t go in unprepared. Think about your business’s needs and research what the leasing process entails. Here are the answers to a few frequently asked leasing questions to get you started:
1. Should I rent or buy a business space?
Almost all businesses who are just starting out in their own space choose leased (rented) spaces, and most businesses in general lease space at some point throughout their lifetime. When you lease instead of buy, you can avoid using up valuable capital for working, and leasing also makes it easier to relocate if you outgrow a space or need new accommodations.
2. What is a commercial lease?
A commercial lease is different than a residential lease. It is a contract between a landlord and a business for the rental of an office building space. A commercial lease can consist of a short term (i.e. a month) or a long term (as much as ten to 15 years). Leases can be written or oral, but a written lease is a safer bet because a judge will typically not enforce an oral lease after a year.
Having an understanding of basic commercial lease information is a good place to start when thinking about renting a space for your business