Feeling daunted by the prospect of negotiating your commercial lease? Even if this is your first time or you have not had to do this in a while, you can still enter negotiations prepared by familiarizing yourself with how the leases work and a few negotiation basics. Here are some tips for negotiating a successful commercial lease:
#3 Maintenance and Repair Responsibilities
In residential leases, the landlord typically takes care of maintenance and upkeep, but in commercial leases this is not the case. Some commercial leases state that the tenant is responsible for all aspects of property repairs and upkeep, while others might stipulate that the tenant has to be responsible for a few systems such as plumbing, air conditioning, etc. Check your lease to make sure you know who is responsible for these expenses and if there is a dollar limit on how much you as a tenant have to pay for these things. It might be worth consulting an attorney to clarify your rights.
#4 Carefully Review Your Lease
Though obvious, it is worth saying—read your lease closely. You might even consider hiring a commercial real estate attorney to help you look at the fine print.
Knowing a little bit about how to navigate commercial leases can help save your business from unexpected real estate rental pitfalls.