If you're ready to open a business, you're probably in the market for some commercial real estate. Finding the right lease is important, and knowing that it works for you without putting strain on you is key.
How can you find a lease that works for you? The first thing to look at is the value of homes in an area. When home values drop, so do commercial values. Usually, when home prices go up, it means there are many people in an area and higher traffic, driving the cost of commercial real estate up as well.
Remember that leases come in many lengths. One-to-two-year leases are usually best for tenants, while longer leases serve the landlords' purposes. It's a good idea to start slow, especially if this is a new business. Can you see yourself in business 10 years from now? If not, it might not be a good idea to take a 10-year lease. Is this a new enterprise? A one-year lease may be a good place to start.
You can find many commercial spaces for lease by driving around the area or talking to business owners. Talking to a real estate agent can help you find a space in an ideal location, too. Remember to be patient, because the market fluctuates, and the lease and building you want could open up.
Once you find a lease you are considering, your attorney can help you review it to make sure the terms are agreeable. From there, you can be sure that your decision is one that supports your business, not one that harms it.