Leasing commercial property can be challenging. You need to understand different aspects, such as rentals, tax implications, lease agreements, and zonal restrictions. Getting into the wrong deal can place you in a lot of trouble. The best way is to work with professionals to advise you appropriately. We will look at considerations to have in place when looking for commercial retail for lease in Fairfax, VA.
- Types of lease agreements
Understand the different types of lease agreements you can get into.
- A percentage lease is the most common. As a tenant, you will pay rent as well as a percentage of sales to your landlord.
- A net lease where you pay all expenses that you incur while using the property. You will also pay a particular amount as rent.
- Gross lease that takes into consideration per square foot pricing and any other types of fees.
- Location of the Property
Pay due attention to the location of the property when you are looking to lease commercial retail property in Fairfax, VA. Understand the neighborhood, and whether your target consumer lives there. It is critical for your business, that you give your customers easy access to you. Pay attention to factors such as security and parking. If you are in manufacturing industry, look at the connectivity with transportation and suppliers.
- The Reputation of the Landlord or Broking Company
Apply your due diligence to ensure that you are dealing with individuals or companies that are reputable. Do not leave anything to chance, or base your transactions on faith alone. Lease the commercial retail property in Fairfax, VA, from an established company. Ask for references, licenses, insurance, and any other relevant documentation. Look up their networks to determine what kind of people they transact with.
A company with years of experience should be able to give you better service, and advise you appropriately. Use whatever resources are available to do a background search. Talk to other businesses, so that you have a good understanding of the business environment. Despite what the leasing company tells you, the area may not be suitable for business. Remember, ultimately, the burden is on you to protect yourself.
- Understanding the Lease Agreements
Take time to understand the lease agreement so that it favors you. It would be a good idea to read the contract thoroughly before signing. If you need to; consult a legal representative to explain any areas you don’t understand. Check the different aspects and negotiate what does not work for you. Know your rights and obligations to avoid problems.
You must get everything done in writing. While the courts can take into consideration verbal agreement, they can be hard to prove. You will save yourself a lot of time and headache by putting everything down in writing. It is critical that you understand each clause, and that is why you should consider a legal adviser.
- Tenure and Rent
You will need to pay the rent whether or not your business is doing well. You can decide on monthly, quarterly, or annual payments. Opt for short lease terms so that you can get out of the lease if things are not working out for you.
The agreement should highlight when and how the landlord will increase rent. You may, for example, find contracts showing a 10% annual increment. It is essential so that you factor it into your bottom line. It also helps in knowing whether you will be able to sustain the partnership.
- Learn to Negotiate
As a tenant, you have the right to negotiate for favorable terms. Remember, your landlord wants to make money. He should be willing to bend a little to accommodate you.
- Consider Related Expenses
Leasing commercial property in Fairfax, VA comes with related expenses. Such include maintenance, repairs, security, among others. Understand what your responsibility is and what the landlord will take up.
The agreement should show how any alterations to the properties will affect your lease. Highlight who will take up the cost for such. Any modifications could also drive up the cost of leasing the property. You can be able to offset some of the expenses by subleasing. Have it in writing that you have these as an option. Some landlords will not allow it, and it can make your presence on the property very expensive.
- Branding Opportunities
A business needs to be able to brand as part of its marketing activities. You must have a good understanding of your business and marketing strategy. It helps to know what you can do and what you cannot. Some properties will, for example, not allow you to put up outdoor signage.
- Exit Strategy
Have a clear understanding of the options you have if you decide to terminate your agreement before the lease expiry. Some landlords may impose a penalty if you want to leave early. You may also find yourself facing costly legal battles because there was no clarity on your exit.
Talk to us about Your Commercial Lease Rentals
If you are looking to lease commercial retail property in Fairfax, VA, you are in the right place. We have a solid market reputation and ensure that the properties we recommend will elevate your business to the next level. We deal with a network of dependable business partners, and look for long-term relationships with our customers.
Real estate is an area that requires trust and experience, and that is what we have. Call us today for an appointment and let us start the process of getting you the right commercial property.
