Asking the right questions is essential when considering a commercial property to lease. You want to ensure that the property meets your business needs and aligns with your goals.

Here’s a comprehensive list of what to ask when evaluating a commercial property:

Location and Accessibility:

• Is the property in the right location for your target customers and employees?
• How accessible is the property by different modes of transportation and are there any upcoming infrastructure changes that might affect that accessibility?
• Is the space in a prominent position so it is visible to customers?

 

Lease Terms and Condition:

• What is the duration of the lease? Are there options to renew?
• What are the terms of early termination if needed? Can you cancel the lease if my circumstances change?
• What are the rent review provisions?
• What is the security deposit and other financial obligations such as a lease premium (a lump sum payment made at the beginning of a lease term, more often used in large commercial and industrial properties).
• Can you assign or sublease the property to another party if needed? Are there any restrictions or conditions for doing so?
• What is the process for terminating the lease when it expires or if you need to move?

 

Rent and Additional Costs:

• How much is the rent, what does it include and when do I have to pay it?
• Are there any additional costs, such as maintenance fees, or utilities?

 

Property Condition:

• What is the current condition of the property? Are there any needed repairs or renovations?
• Who is responsible for maintenance and repairs?
• Are there any ongoing construction projects nearby that might affect your operations?
• Check dilapidations obligations (i.e., in what state do you have to leave the property in at the end of your rental).

 

Planning and Property Classes:

• Can I legally use the property for my business? What commercial property classes are permitted?
• Are there any restrictions or limitations that might affect your operations?

 

Space and Layout:

• Does the property provide the required square footage and layout for your business needs?
• Is the space easily customisable if your business needs change?
• Are there any restrictions on modifications or renovations to the property?
• Is the building as accessible as possible for those with a disability?
• Are there any options to move to a different property operated by the same landlord if requirements change? (this is usually more applicable to serviced offices)

 

Parking and Amenities:

• Is there sufficient parking space for customers and employees?
• Are there any local amenities nearby for your employees, such as restaurants or shops

 

Tenant Mix and Competition:

• Who are the other tenants in the building?
• What types of businesses are located nearby? Could they complement or compete with yours?
• How might the tenant mix in the area impact your foot traffic and customer base?

 

Security and Safety:

• What security measures are in place, such as alarms, CCTV cameras, and access control?
• Are there any safety concerns related to the property or the surrounding area?

 

Utilities and Technology:

• Are there reliable utilities, such as electricity, water, and internet connectivity?
• What technology infrastructure is available, such as high-speed internet and telecommunications? Are they sufficient to support your critical needs?

 

Remember to take thorough notes during any property visits and consult with commercial property professionals to ensure that you fully understand the terms and implications of the lease agreement. When searching for a property in a particular area on NovaLoca we provide a list of local agents who will be able to assist in this manner.

This entry was tagged: leasing