Article provided by: Meltzer, Lippe, Goldstein & Breitstone, LLP
Meltzer Lippe is a leading law firm with over 45 years of experience in corporate, tax, and real estate law. For assistance with preparation and negotiation of leases, get in touch with our estate planning attorney in Nassau County.
How do you negotiate a commercial lease?
For most business owners, paying rent becomes their major expense. This is because of poor negotiation skills on the part of entrepreneurs before signing their commercial real estate lease. Here are some tips on how to negotiate a commercial contract:
- Assess and make a list of your company’s space needs and finalize your location and budget. Sign a shorter lease if you are unsure of your business's future space needs.
- Get help from an experienced attorney for your lease negotiations. Hiring a commercial lawyer can protect you from signing a lease agreement that encompasses unexpected costs.
- Check your lease agreement and make sure that it does not have a mention of any increases in base rent and other incidentals. If you find a clause in the agreement that you do not agree to, have the owner change it before you sign the lease.
It takes an attorney to spot any hidden costs and negotiate the lease rent. Get in touch with our estate planning attorney in Nassau County for lease negotiations.
How to negotiate a commercial lease?
Once you've found the perfect commercial property, make sure to negotiate the lease before you sign it. However, negotiation isn't easy and can take a long time. On an average lease, negotiations can take anywhere from one day up to 9 months or more.
Lease negotiations for small spaces take very little time; you can expect to sign a contract within a couple of weeks. With large spaces, there are a lot of details that become a part of your negotiations hence takes a longer time. For more details on commercial lease negotiations, get in touch with our team today.
Points to remember before entering a commercial lease
Entering a commercial lease influences the profitability of your business. Hence make sure to analyze the important aspects of a commercial lease before entering into one. Study the property's neighborhood and customer behavior in the area. Check if the property has an excellent parking facility and security features. If your business is into manufacturing, then analyze logistic issues, proximity to your suppliers, distributors, etc.
Once you are happy with the location, make sure to look for clauses in the lease agreement that talks about rent increases, the basis of such an increase and the % of growth per year. Get the help of an attorney to understand all the terms of the agreement. An attorney can negotiate on the details, terms, and prices of the lease agreement to make the lease work to your advantage.
Do not lose valuable money and time in handling real estate leases, agreements, and negotiations all by yourself. Entrust your real estate transactions to Meltzer Lippe and our diligent estate planning Attorney in Nassau County will take care of the legal aspects of your acquisition/sale.Estate planning Attorney Nassau County
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