When starting or moving a business, you know the old adage: location, location, location. The right storefront can mean higher visibility and more business. Getting into your new building likely means that you will be renting space and in need of a commercial lease.
As Charleston becomes a more popular spot for tourist and job seekers alike, the city continues to expand, making Charleston real estate a hot commodity. How can you best draft and negotiate your commercial lease? Let the real estate lawyers at McGrath Law Firm help.
How To Draft Your Commercial Lease
Before entering negotiations with a property owner, there are several factors that you should consider about your business. What kind of business do you own, and what will your needs be? It is important that the space is suitable and appropriate. The historic nature of the buildings in downtown Charleston and the surrounding area create unique opportunities for business owners, but also unique challenges for maintaining property. Will you need to make modifications? Are you planning on leasing for the short-term or the long-term? All of these factors will affect how you should draft your lease. Commercial leases should be clear about the amount of usable space, the right to renewal, rent payments and penalties for early termination.
How To Negotiate Your Commercial Lease
While you can draft your ideal lease, there will always be a period of negotiation between you and the property owner. Some common concerns are: who will be responsible for repairs and utilities, to what extent may a renter renovate or add special features and a non-competitive clause if there are similar businesses that want to pursue space in the same building. A real estate lawyer is a necessity for both business owners and property owners as they move forward on making these important decisions.
By working with lawyers who understand commercial real estate law, you will equip yourself with professionals who understand the language and implications that come along with drafting a commercial lease. During the negotiation process, our lawyers help both parties to understand each others’ expectations so that the lease agreement is beneficial for everyone who signs.
Commercial leases should be handled diligently and professionally. To hire a commercial real estate lawyer to help you better draft and negotiate your commercial lease agreement, contact the McGrath Law Firm today, so you can get on to business.