Without a proper work space, a business can have serious problems operating. That’s why they need to find a property that allows them to run their business and impress their customers, while also being a comfortable work environment for the employees. If you’re looking for a commercial lease, then you should look for a property – and a lease – that fits your needs. The reason we mention the lease is because every leasing agreement is different. While reviewing your lease with your opportunity zone attorney, watch out for the following things.
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The price of the rent is important, but there are other hidden costs that you should watch out for. Some of the landlord fees that you should review are the percentage rent, management, administration, CAM, insurances, and advertising. Since every lease is different, it’s important that you don’t sign a lease without knowing exactly how much you’re going to have to pay. The ancillary terms will also have a big impact on the price, as it involves things like maintenance costs, improvement reductions, custodial services, and more.
Maintenance and Repairs
The commercial lease agreement should specify who’s in charge of maintenance and repairs. This is especially important for startups or small businesses, as they may not have the funds to make costly repairs.
A pass-through is when the landlord pays for some or all of the utilities and then passes it through to the tenant. It’s important to be cautious with this, especially in shared working spaces or in shopping centers. The reason being is that you should only be paying for the percentage of the space that you are renting, rather than taking on other people’s expenses as well.
Before signing a lease, your opportunity zone attorney should review every detail of your lease. If the lease has too many hidden fees or doesn’t match your expectations, you should keep looking until you find one that does.