Quick Tips for Negotiating a Business Lease
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You’ve found the perfect space for your business, or maybe your space is up for renewal. In either event, you’ve got the opportunity to negotiate a more favorable lease. This is a complicated process that is much more involved than renting an apartment or buying a home.
In many cases, it’s true that the market rate is the going rate, and if you don’t rent it, someone else will. However, there’s a lot more to a commercial property rental than just the base rate. Lucky for you, expenses for maintenance and improvements are often much more negotiable than the monthly rate.
All business relationships are based on a little give and take. How much your landlord will be willing to give may depend on how well you do your research. Remember, the landlord expects you to negotiate.
Here are seven tips to consider when negotiating your next lease:
Find out what property in your area is really worth.
You can review similar spaces on sites such as LoopNet, Commercial Search, City Feet, and even Craigslist. Look at comparable leases; you can gauge the market with some quick research. Before you go into negotiations, you should understand the market and how to use market values to bargain for a better rate. Try to answer these questions, at a minimum:
What are comparable properties renting for?
What is the commercial vacancy rate in your area?
How long is commercial space in your area vacant?
What other properties does the landlord own and how do those rents compare?
Who else, if anyone, might be interested in the same property