It is no small matter, to rent commercial property, and taking the time to ask the right questions and consult with the right people simply makes good sense. It is, after all, your financial future which will be affected.
RDS Real Estate is a leader in industrial space and commercial property for rent in the Greater Fort Worth area, and in this article we will give you a suggested list of questions you need to ask before you every sign a lease and rent commercial property. Call us at 817-439-3224 for more information about commercial property for lease and industrial property options.
The basics: what is commercial property?
Commercial property is real estate that is used for business activities. Commercial property usually refers to buildings that house businesses (retail space for rent) but it can also refer to property used for generating profit (office space for lease), as well as large residential rental properties. It is considered separate and distinct from industrial property which is usually considered property where things are stored (warehouse for rent) or things are manufactured (shop for rent).
Questions to ask before you rent commercial property.
Services and potential limitations that need to be stipulated in your rental agreement include:
- Payment responsibilities for other utilities (gas, water, etc.)
- Public restroom(s) or commercial kitchen space, if applicable
- How often will the space be cleaned, including the restrooms
- Who is responsible if your HVAC system needs servicing
- Building safety, security, and protection
- Trash and snow removal services
- Contingencies in the event of a flood
- Any monthly limits on electricity (Notably if your business requires a lot of electricity).
There will also be questions about the type of lease, the specific terms of the lease, whether you can sublease, whether there is an arbitration clause, is the property management local, who were the last two tenants, is the building for sale, and many others.
Always, always consult the professionals.
We are going to end the listing of questions here and suggest that you immediately, upon finding property you like, contact a real estate lawyer and an accountant. They can review the lease for you and give you suggestions along with any warnings. Remember, almost all leases are negotiable, so consulting legal professionals may arm you with information you need to negotiate a better lease with more favorable lease terms.
This may all seem like overkill but trust us, it is not. Signing a commercial property lease is a huge financial commitment, one which can lead you to outstanding success but which also has the capability of leading you to financial ruin. Take your time, gather as much information as possible, and make an informed decision which is best for you and your company.
A final word about RDS Real Estate.
Strange advice from a commercial real estate broker, but we did not become #1 in Fort Worth by following the status quo. We are locally owned and operated with over three million square feet of industrial property for rent and commercial property for rent in three counties. Our goal is not to rent more property than any other firm, but rather to work in tandem with Fort Worth business owners to find the best property for their needs and their budgets.
Call us today!