Leasing a commercial space for your business is a major step, partly because it’s such a considerable expense. It’s critical that you find a space that works for your business and your budget.
There are several factors that impact the suitability of a specific space for a business. While this isn’t a comprehensive list, it’s a good place to start.
1. Location
You need to choose the best location possible for your business. This doesn’t necessarily mean the busiest location. You need to think about your target audience and where they’ll likely find you. Be sure to check zoning laws and other local regulations to determine if a space is appropriate for your business.
2. Parking
Parking often gets overlooked until it’s too late. Ample parking isn’t a major factor if your business serves limited customers at once. For example, a single-person accounting office won’t need the same amount of parking as a discount store. Find out if spaces are reserved for your business or if the parking lot is open to all businesses. Check for ADA compliance and ease of entering your business.
3. Lease type
The most common types of commercial leases are gross, net and modified gross leases. In a gross lease, the landlord covers most property-related expenses, while in a net lease, the tenant pays for extras like taxes, insurance or maintenance. A modified gross lease splits costs more evenly between both parties. Before agreeing to anything, understand exactly what you’ll be responsible for, including who handles repairs, janitorial services and utilities.
Once you find a location and receive the lease, check over it closely. It may behoove you to have someone else review it with you so you know who is responsible for what aspects of the property.