When renting commercial real estate whether you want to find office space in a downtown highrise or a single story office in the suburbs you want to make sure you find the best solution for your company’s needs. There are many things to consider when your searching for commercial real estate or getting ready to sign the lease, however avoiding these common mistakes can increase your chances of finding the best location at the best price.
Trying to Search for Commercial Real Estate Alone
When you have legal matters you seek the advice of a lawyer. When you need to have your taxes done you meet with your CPA. When you have health related matters you see a doctor. You can always learn about these topics online however you know you’re not an expert in medicine, finance, or law, and need help from professional practitioners to guide you.
It takes many years to be an expert in a field to truly develop the knowledge & experience needed to be great. The same is true for commercial real estate. That is why you should consider getting help from a commercial real estate agent. A commercial agent charges the landlord for their commissions, not you, so you don’t pay a fee for their service. Having a broker on your side will make is easier to find the ideal space and negotiate the best deal possible.
Only Thinking about the Future
Obviously you want to ensure that the space you select will meet your future needs, however you don’t want to ignore the company’s present financial status. Too many companies lease a space that is more than what they can presently afford thinking that their revenue will continue to increase allowing them to afford the property later on. Don’t make this mistake! Base your decisions on what you an afford now to avoid biting off more than you can chew.
Not Checking out the Surrounding Area
As you decide which spaces you want to rent you will be thinking about a number of things. One of them being the building amenities. One mistake that many make is not learning about the area around the building. How much to apartments cost? Are there other complimentary businesses nearby? Is there any future development planned for the area? How far must your employees drive to go to lunch? The location of the building matters just as much as the individual features of the buildings.
Not Carefully Reading the Commercial Lease
Everyone knows they should read the commercial lease agreements however most just gloss over and hope that the landlord does not take advantage of them. It’s important that you and your attorney read the lease and ask the landlord to clarify parts of the lease that you don’t understand. Never sign a commercial real estate lease until you for sure know what it says and how that may or may not impact your business. Having a commercial real estate agent that represents Tenants can be a great resource also in reviewing the lease and interpreting it for you so you understand the critical things that matter to your business.
If you are considering renting commercial real estate in Austin, Tx feel free to give us a call at 512-861-0525. Even if your needs are 12 months away and for now just need some preliminary market info.