As a business owner, it’s crucial that your company is located in an area that will reach your targeted clientele. When you find the perfect location, you may want to sign your lease as soon as possible so that you can begin operating. Before you rush into anything, however, it’s important that you carefully review your lease. If you don’t, you may be stuck with complicated terms. This article introduces some of the conditions to be aware of in your commercial lease. (Related topics: New York real estate attorney, real estate lawyer NYC)
Most leases are for 1+ years, but once the term is over, there are different renewal options. Renewals may be automatic, which means that the lease will be automatically extended unless you provide a notice within a certain amount of time. If this is the case, it’s important that you mark these dates on your calendar so that you can cancel your lease within the stated period of time, if necessary. If your renewal is optional, on the other hand, you may be able to renegotiate your lease for the next term.
Most commercial leases will provide a base rent, as well as additional rent. It’s very important to consider the total amount that your rent will cost, as it can add up to over twice as much as the base rent. Be mindful of possible rent increases as well, such as changes in utilities or an increase in property taxes. All of these factors should be included in your commercial lease, but if they are confusing, make sure to ask your housing lawyer in NYC to review it.
Your access to common elements should be included in your lease as well. For instance, maybe the landlord or other tenants may have the right to specific parking spots. Or maybe you have the responsibility to handle garbage and snow removal. Make sure to be clear on these factors, as you don’t want to accidentally break your lease.
These are only 3 conditions to consider, but you and your housing lawyer in NYC should also consider utility payments, sublease restrictions, acceleration clauses, the type of insurance you should obtain, what hours your business is allowed to operate, and much more. It’s very important to review these terms, as they could affect your success in your new lease. If you want to negotiate the lease, ask your housing lawyer in NYC for assistance.