As a business owner, you may find it challenging to locate the best commercial buildings for lease in Springfield, VA. Real estate is not your core business, and you may find that dealing with landlords presents its challenges. At Boosalis Properties, we would urge you to think about hiring a real estate company. You must also take the time to do your research and educate yourself on the different aspects of commercial leasing. Below is what you may have to note:
- Hire a Real Estate Company
Clients often ask whether they can handle commercial property leasing on their own. The answer is yes, but we would advise on getting legal advice to protect yourself. It also depends on who you may be renting the property from. Even in this case, it is essential to understand your obligations and any financial liability before making any agreement.
Having a real estate company like Boosalis Properties will make the process of finding commercial buildings for lease in Springfield, VA, such a breeze. We have the expertise in looking for and negotiating the best deals for our clients. Before deciding to work with a company, ensure you do your research to determine whether it is a reputable organization.
Ask for a list of references as proof of the ability to get the best deals for you. You can benefit from expert advice and can leverage the company’s network like financial companies, brokers, and contractors, to name a few. Understanding the times of a commercial lease can be difficult. You need guidance in the different aspects and help you get the best deals.
- Understand the Various Aspects of Commercial Properties
Whenever searching for your business’ commercial property, ask yourself the following:-
- Does it give your customers and employees easy access to your premises? Consider the infrastructure, parking, and security.
- Is the commercial property near your target audience? No matter how fantastic the location can be, it may add no value to a business if customers are not within easy reach.
- Do you understand your space requirements, and can the commercial building you want to lease accommodate you comfortably? Even if it does not, do you have provisions that may allow you to make necessary adjustments, such as adding more space?
- Understand the zoning restrictions and how they can impact your business.
- Take some time to talk to other business owners who may be leasing buildings in the neighborhood. You can gain much insight that might help you determine the viability of renting commercial space in that particular area.
- Understand the Different Types of Commercial Leases
There are two central leases when looking for commercial space.
- The lease is where you enter a direct negotiation with the landlord or representative company.
- A sublease is where you rent out a part of the building to a third party. Not all landlords will accept subleases, so do your research well. However, it is an effective way of managing rent and other expenses often associated with commercial leases.
- Full-service lease incorporates all costs within the rent.
- Net lease makes you liable for some property taxes, insurance, and maintenance together with the rent.
- Modified gross lease requires that you pay a certain pre-agreed-upon amount to cover additional costs above your rent.
- Percentage lease requires you to give over a percentage of your gross sales together with the base rent.
- Determine Your Business Requirements
You may certainly want to enter into a commercial lease agreement that takes care of your business requirements. Think long-term so that you do not have to keep moving every time your business grows and expands. You may want to enter into an agreement that allows you to expand the premises’ size if the business needs it.
Your financial status is also critical as it determines the budget you can set aside for the lease. By understanding the different costs, you can have a projection of how much you would comfortably handle in terms of rent.
- What Your Commercial Lease Should Cover
A typical commercial lease should break down what the rent covers. Other aspects include any additional fees, what you can use the property for, renovations and maintenance, subleasing agreements, exit or break clauses, amongst others. If you have never had to go through such a document, you will need help. Your real estate agent or commercial lawyer should be able to advise you appropriately. You need to conduct your research so that you can know what each component might cover.
Understand the different terminologies as well. You will find a reference to classes of property under the commercial tenancy. They fall under A, B, and C. You may also find words such as usable or rentable space. The former applies to the physical space you may take up for your business, while the latter refers to additional space in the building that you may incur costs for. Therefore, factors such as maintenance that cover the whole building will become part of the rentable space costs.
Essential Things to Know about Commercial Buildings for Lease in Springfield, VA
When renting commercial buildings, you need to know the following:
- Unlike residential property, the lease terms are usually longer, typically ranging from three to five years at a minimum.
- The landlord has leeway in the type of contract he draws up. His main aim is to draw up one that favors him. Look for a way to make it more favorable to you by engaging the services of a real estate company that can negotiate better terms.
- You may need to pre-pay a portion of the rent before moving in, so it helps to know what you need to invest upfront.
- Determine from the very beginning who is in charge of maintenance because it can make it expensive for you to enter the lease agreement.
- Find out the implications of improving the space, such as whether the landlord will cover part of the cost and whether you have leeway on the contractors that you can use
- Some landlords will not accept advertising or outdoor signage, which you may need for your business.
- Negotiate the Lease Terms
Unlike residential properties with standard formats regarding the lease terms, commercial properties tend to depend on the landlord. They come up with the terms and conditions that favor them and present them to you for agreement. You have the advantage do not have to accept the terms.
You can negotiate for better conditions and rates before signing the document. Once you understand the lease terms and the cost implications, you can employ some negotiating skills to get more favorable terms.
That is why it is a worthwhile investment to hire experts when looking for commercial buildings for lease in Springfield, VA. Such companies have strong networks and good relationships with landlords and other people within the networks. You get to benefit from the negotiation skills that may result in significant cost savings for you.
- Exit clauses
Getting out of a commercial lease may be more complicated than getting out of a residential lease. Ensure the document you sign has an exit or break clause in place so that you understand your rights. You have options such as a subletting, or the landlord may want you to pay before exiting, at least before the agreed-upon time.
The real estate company you may work with should negotiate the best conditions to protect you against accepting responsibility when you want to exit the lease. Do note; the landlord can refuse to break a lease for some reason. You may not have given a written notice well in advance; you may have outstanding rental payments or other breaches that the landlord needs to make you aware of.
Boosalis Properties Will Find You the Best Commercial Buildings for Lease in Springfield, VA
Boosalis Properties has the relevant expertise to find the best properties for you. We have worked in the property field for several decades and have potent networks within the real estate and finance industry. Contact us, or use the form below to put your details, and we can start the process of finding you that perfect commercial building for you.