With the state of the economy today, small businesses have many choices when it comes to renting business spaces. Not only are larger commercial buildings being divided into multiple smaller spaces, the overall rate for renting business spaces has gone down as well. If you are looking to rent a space for your small business, the following tips can help.
Know Your Market
Before you set out on your search for a business space, it is a very good idea to familiarize yourself with the local market. A licensed real estate broker can help tremendously with this, so it is probably in your best interests to work with one. A broker can help you get the inside information on all of the vacant rental space in your area, which is key in knowing your market. Brokers will not only know rental rates and lease terms, but the details on landlords as well. Once you familiarize yourself with your local market, you can begin shopping around for the right space for your business. It is advisable to shop around before deciding on any rental space so you are sure you are getting the best space for your money.
Consider Lease Length
Lease length needs to be taken into consideration when shopping for a business space. Since the state of the economy has declined tremendously, you may be able to get a lease for whatever length you wish. Since many landlords are dealing with vacant properties, they will often be willing to negotiate and design a lease to your specifications. Although you may find many landlords willing to work with you, always have a plan in mind before starting any negotiations. You do not want to enter into a lease simply because it is a good deal.
Consider Utilities & Maintenance
When you rent a space for your small business, you will probably also have to pay the utilities for the space. It is a good idea to make sure your space has a separate meter for utilities. This will prevent you from paying for any utilities you did not use, which can be a common issue in divided rental spaces. Anytime you check out a potential rental space, ask the landlord how utilities are measured to be sure you have a separate meter. Another important factor when choosing a rental space is the availability of maintenance personnel. If you ever have an issue in your space, such as a plumbing leak or furnace problem, you want maintenance personnel to address the situation right away.
Access to Your Space
Another thing to take into consideration when choosing a rental space for your small business is access to the space. Because small business owners often work long hours, you will need around-the-clock access to your space. Be certain you will have this type of access before deciding on a space. You do not want to enter into a lease only to find out you will have restricted access.
Once you decide on a space for your small business, it is an extremely important to have an experienced real estate attorney review your lease. Because leases can contain lots of real estate lingo that the average small business owner may not understand, an attorney can help clarify all lease terms so you know exactly what you are getting yourself into.
These tips will help you find the rental space that best suits your business needs. Just remember to shop around and get all the details before signing and agreeing to anything.
Guest post from Bailey Harris. Bailey writes for HomeInsurance.org.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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