Obtaining a commercial space that meets your business needs can be challenging. You must consider many things during your search for commercial property, such as:
- Lease terms
Once you find a place that meets your needs, it is time to begin creating a mutually beneficial relationship with the landlord without compromising your interests. The tips below can help prevent commercial lease missteps, ensuring a smooth and successful tenant experience.
Protect your bottom line early
The property you settle on may need some modifications to suit your business needs. In New Jersey, you can negotiate with your prospective landlord for Tenant Improvements (TIs) that protect your finances while your company becomes more profitable. Ask your landlord about this possibility early to avoid blindsiding them and harming your relationship.
Know the rights of everyone
As a commercial tenant, you have many rights under the law but don’t forget that your landlord also has rights. Before you sign the lease, research landlord-tenant laws in your region. This can help prevent misunderstandings that could drive an uncomfortable wedge between you and your landlord.
Be willing to compromise
Commercial landlords are often agreeable to negotiating the contents of a lease agreement, but it is only fair to offer them something of value in return. Consider making a list of things you are prepared to concede on (less rent, longer lease, etc.) when negotiating your lease. Landlords are often easier to deal with when they see you making a good-faith effort to be fair.
Of course, this is not all you need to know about commercial leases. Learning more about state property transaction laws can give you an extra layer of legal protection when renting a business space.