If you are a business looking to change or expand your office or retail space in Columbia, it is important that you approach the process in the right way. As the prospective tenant, the terms of the commercial lease may not be in your favor, and it is important that you understand the terminology as well as the legal implications before you sign anything.
As a tenant, you are effectively the customer in the scenario. Because of this, you have some power over the situation. You can usually afford to take some time and to demand modifications to the lease terms when you think it is appropriate. The following are some complexities that businesses often fail to consider when signing a new commercial lease.
The information you receive may be inaccurate
You should not take the realtor’s or landlord’s word for anything, and, instead, you should assess the reality for yourself. For example, it’s always best to physically double-check the square footage yourself. If it is inaccurate, you may be able to benefit from a discount. Inaccuracies can also occur when it comes to descriptions of the space and the standard of the facility.
Don’t get locked in by early termination penalty fees
You will never know for sure whether the space will work for your business until you have spent time working there. It is important that you try to negotiate lower fees for an early termination. You do not want your business to suffer because you became locked into a lease.
Make sure that a competitor doesn’t move in
If you are a retail business, it will be important that you limit your competition. You may be able to include terms in the lease that prevent the landlord from renting to your competitors in the future so that your business is protected.
Keep your options open
You should be looking at several potential locations before signing a lease. By doing this, you can compare and contrast your options and work at making the best possible negotiation.
It is important that you understand your rights as a commercial real estate tenant in the state of Maryland.