5 Smart Tips for Leasing a Commercial Property
Leasing commercial property is a key step in the operation and growth of a business. You may be moving to a new location or expanding your existing location. These leases tend to be complicated. They have a wide range of conditions and possibilities with financial and legal implications for both parties. Eventually, they will also affect your business. At Belmares Properties, we have over three decades of industry presence in locating properties and negotiating the best deals. We stay on top of current market conditions, new developments, and regulations.
We would like to share these 5 smart tips to help you lease a commercial property.
1. Consider the Cost Vs. Value
Consider the cost of leasing and the value you are getting out of it. Determine whether it is worthwhile leasing a property or investing in one that you can own. Leasing provides you more liquidity, tax breaks, and allows fixed monthly costs. Purchasing commercial real estate provides you the opportunity to own a property that builds equity, asset appreciation, and tax breaks. Evaluate your business’ current and future needs when comparing.
2. Create a Plan of Action
A successful commercial real estate deal requires setting parameters. Consider the following questions before creating a plan of action:
- How much you could afford?
- How much rental space do you need?
- How can you save on a deal?
Your commercial real estate broker should help you find answers to these questions. They can also assist you in determining shopping around and getting the best ROI on a deal.
3. Check the Neighborhood.
Before you lease a property, make sure to study its neighborhood. Check the type of businesses in the area. Reach out to other businesses. They can provide you with key information required to decide whether it is worth making the investment.
4. Find the Best Deal
As already mentioned, you should evaluate multiple properties to find the one that is best suited for your business needs. You should know when you have a good deal.
- Make sure you have an exit strategy
- A great deal is also the one that you can easily walk away from
- Look for damages and spots that need repairs
- Assess the risks and make sure the property meets your financial objectives
5. Consider All Your Options
Find out the type of building that meets your requirements. There are many more types of buildings than just city offices or skyscrapers. This includes:
- Retail space
- Mixed-use buildings
Determining the right type of building can also help you create the right strategy to address your goals.
As with any other form of lease, it is important to carefully read through the contract. You should know exactly what you are getting into. It is best to seek the services of an experienced and real estate company such as Belmares Properties. We specialize in commercial leasing and sales and all other types of real estate services in San Antonio and the surrounding areas. If you want to lease a commercial property, contact us at (210) 877-0815 or send us your queries using this Online Form. Our real estate experts can guide you in making sound real estate decisions.