3 Fatal Mistakes to Avoid When Leasing Commercial Space

3 Mistakes to Avoid When Leasing Commercial Space

3 Mistakes to Avoid When Leasing Commercial Space

Your business's location can have a significant impact on your success. Be sure to steer clear of these fatal leasing errors. 

1. Underestimating the time it takes.

  • Is your current lease term coming to an end? Or are you thinking of opening a new business? Depending on how active your market is and what industry you're in, finding a new location could take anywhere from one week to months or even years. Your timeline doesn't end once you've set your eyes on a site - you still have to negotiate the lease and give yourself additional time for Tenant Improvements (build-outs). Take your time so you can get the right deal for your company - don't get caught in a situation where you have to make a decision too fast!

  • Solution? Be sure to allot yourself enough time to find a new space, negotiate a deal, and complete any additions/alterations. I highly recommend at least three months' lead time, which for most businesses should be plenty. However, I have been involved in deals that took 4+ months to negotiate terms and finalize construction and I much prefer to be on the safe side. Start reviewing your options 6-12 months out and have a thorough, concise strategy for re-entering the leasing market.