Industrial development, growth of communication technology and advanced transportation facilities in the 21st century has led to the beginning of an era where startups flourish day by day in every nook and corner of the world. With the upsurge in various business options, the demand for ideal commercial property for rent for offices, shops, and storage spaces are always on the rise. Whether you are looking forward to open and run your business in the most crowded areas of a busy street or you would just be satisfied with a small warehouse facility in the suburb connected to a city, there are several things that you have to keep in mind before choosing a commercial property for rent. Here we list the top 4.
Deciding if the space is ideal
Different businesses have different kind of spatial requirements. Some businesses have a greater area requirement than others. For some others presence of related businesses in the nearby area could be more important. So, it is imperative that you should consider if the place is suitable for the particular business that you are going to start. Also, analyze if the place you have found can accommodate any future renovation or expansion steps that you may have set as your long term business goal.
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What responsibilities do you have?
It is important to learn about all the responsibilities that you are supposed to take before signing the rental agreement. This may include the usual repairing and annual maintenance charges that you have to pay for using shared equipments and facilities. Apart from that you may often be required to cover the building insurance and security expenses separately by landlords. Sometimes, there will be additional charges applicable for facilities that you may not use such as monthly minimum water rates and telephone bills.
Permissions and rights
Be sure to mention about all the permissions and rights that you hold in your rental agreement such as modification rights, access requirements, permission for erecting sign boards and name boards, use clause, subletting rights etc. For example, if you expect that using an additional free space in the compound will be crucial for the growth of your business in the future, you should discuss that with your landlord essentially before signing the contract.
Closing your agreement
It is often seen that despite the best efforts, a good number of businesses fail. A lot of businesses are relocated or sold to third parties. All these situations call for the closure of rent agreement before the end of the term period is reached. So, it should be mentioned clearly in the agreement about the relevant notice period that you should serve after intimation and the possible penalties made upon early termination.