It can be difficult to find commercial property that suits the needs of your business. This type of property can be expensive, and when you find something in your budget, it can be tempting to want to move forward as quickly as possible. However, this can lead to complications and poor decisions that may impact your company long-term. Before you sign a commercial lease, you will benefit from taking precautions before you move forward.
A commercial lease is a contract that you may have to sign if you are renting property for business purposes. This agreement outlines the rights and expectations of each party, and many landlords have a standard contract that they offer tenants. It is in the interests of your business that you understand the terms that should and should not be in your lease.
The details matter
Before you accept the terms of a commercial lease, you will benefit from understanding exactly what terms you will need to include in your agreement for the protection and security of your company. These contracts are negotiable, and even if there is a premade contract offered to you, it is important to carefully review all terms before proceeding. Any commercial lease should include the following:
- Details regarding rent, potential rent increases and more
- Term of the lease
- Security deposit and penalty for early termination of lease
- Responsibility for improvements to the space
- Taxes and other fees that may apply
As you consider the lease, you will also benefit from doing sufficient research on the property and property owner. You may research other important details, such as the zoning designation for the property, local ordinances that could impact operations, neighboring businesses, potential foot traffic, proximity to your clients and other details. You also need to be aware of any permits you could need or potential issues that may impact how you intend to use the space.
Assistance for commercial lease matters
There is no cookie-cutter commercial lease that will work for every Hawaii business. It will be critical for you to understand the specific things you will need in order to protect the interests of your business over the course of your commercial lease. It may be helpful to have experienced guidance as you look for property, consider the terms of a contract or negotiate the details of your agreement.