As a business owner in Idaho, you will likely encounter a commercial lease agreement if you plan to open an office, retail store or other remises. Commercial leases can be far more costly and long-term than residential leases, so business owners may be concerned about how to protect their rights and interests when entering into an agreement. However, the process of commercial leasing is a negotiation and an opportunity to reach a favorable deal that benefits all parties. Keeping some guidelines in mind may help you to protect yourself when negotiating your next commercial lease.
Getting ready to negotiate a commercial lease
You may visit the commercial property and inquire about the terms, but you may wish to make sure to receive those terms in writing before making a decision or putting together a counter-offer. Getting the terms of the lease in writing at the outset can help to ensure you reach an agreement about major issues, especially if you are working with a broker or agent. Miscommunication and misunderstandings can lead to costly conflicts when it comes to a commercial lease. This does not provide a legal commitment until a firm contract is signed, but it does provide a basis for mutual understanding.
Focusing on key terms
When making an offer or counteroffer for commercial real estate, think about the things that matter most. You may want a shorter or longer lease term, favorable renewal options, or some form of renovations or repairs to the space. While commercial tenants often retain the right to make extensive modifications, make sure that these issues are laid out within the eventual lease.
Making the right commercial lease agreement can be an important step forward for your business and a significant investment for the years to come. An experienced attorney might provide guidance as you prepare to reach an agreement with a landlord.
