Category Archives: business space for lease

What are the Elements of Business Space for Lease

elements of business space for leaseIf you are looking for business space for lease, in that case you need to know that there are many different aspects which you need to be aware of so as to protect your rights as well as get the best rate. As such let us check at some of the essential points which will help you in finding the right retail property.

Finding the Right Property on Lease

1. Settle The Terms: If you have found the right property then the next step will consist of discussing various terms.At the time of taking any business space for lease you will also have to figure it out whether there would be any increment in lease amount during the tenure so as to avoid unexpected surprises later on.

2. Know The Expenditures: Right at the onset you should have clear information about expenditures which you will have to bear.

Like for instance, there could be maintenance cost you will have to pay for different shared facilities and you should know about them at the beginning itself. The lease agreement should clearly mention who will be responsible for such type of expenditures.

3. Property Maintenance: There are different maintenance expenditures and it should be clear who will be making those expenditures.

Normally, you will be required to maintain the air conditioning as well as plumbing system while property owner will have to look after general maintenance and repairs. You need to check the agreement papers to make sure the same is mentioned in it or not.

4. Lease Agreement: Another important thing for you will be to thoroughly go through the lease agreement and also have your lawyer as well as leasing agent check it. There could be caveats in it which will create issues later on.

In addition to it, consult your lawyer about including add-ons in the agreement which help in protecting your business rights. As for example, exclusivity clause can be added in the lease. The usefulness of this clause is that it prevents the owner from giving any office space within the premise to any of your competitors.