If you own a business, you know that storefront space or just space to run the operations of your company can be hard to come by in New York City. Real estate is expensive, and you know that you need to protect your interests in every way possible when agreeing to a lease to avoid costly issues in the future.
One of the most practical ways you can shield your interests is to be very careful with the terms of your lease agreement. Through careful review of a lease contract, you may avoid misunderstandings and problems that could cost you money and time. When it comes to commercial leasing, you may find it greatly beneficial to seek experienced guidance.
What to look out for in a lease
Securing the commercial space you need involves a lot more than just finding a place and signing on the dotted line. Moving ahead without caution and consideration could cost you significantly in the weeks, months or years ahead.
Here are some of the things you should consider:
- Do the terms of the lease allow for rent increases? Does the lease include the specific amount of rent you will need to pay each month?
- How long will your lease last and does it include an allowance for you to break the lease in the event of a contingency?
- Does the lease allow you to renovate, paint, update or make improvements to the space necessary for commercial purposes?
- Does your lease agreement contain terms regarding permitted use of the space?
- Is it possible to sublease the space if needed?
It is prudent to know the answers to these questions and others as you move forward with your commercial lease. It might be possible to negotiate the terms of your lease or have things added to the agreement that are in your best interests.
The lease agreement guidance you need
You will find it helpful to carefully review the terms of any contract before you sign on the dotted line. Problems with the leasing process can keep you from meeting your ultimate goal, which is to move into the space you need for your business.
Business owners throughout New York find it practical to seek experienced guidance as they traverse the complicated process of negotiating and drafting the terms of commercial lease agreements in the city.