Accepting the first draft of a lease would probably be a mistake in most cases. Instead, a California commercial tenant may want to review the terms to make sure they are fair. One of the places where a budget for retail space could be busted is in the operating expenses, so they need particular attention.
In a previous blog we posted, we discussed the importance of finding the right retail space for your brick and mortar location. Knowing who your audience is, what their needs are and how your establishment will fit into the commercial makeup of the area are vital to any successful business. Building from those principles, we are now going to consider how a new business can benefit from renovating a space.
Real estate purchases have numerous moving parts whether they take place here in California or elsewhere. The due diligence portion of the process could take some time, especially when there are questions regarding the amount of work that may be needed to bring a site up to code. Developers often rely on environmental assessments to let them know what they may be in for when purchasing a certain plot of land.
These days, new business owners here in California and elsewhere make sure they have an online presence. They know that this will be an important part of their business. However, if they plan to work out of a retail space, they need to be sure that they choose the right location, which requires some consideration.
As a landlord, your primary focus is probably on finding tenants that best fit your commercial space. Potential businesses that will rent your property without hassle.
Renting out commercial space can be a profitable venture for California entrepreneurs. As part of the leasing process, a landlord will need to choose the type of lease to use. When choosing a triple net lease, it would be a good idea to make sure that certain protections for the property owner are built into the agreement.
Signing a lease for a business space here in Orange County or anywhere else often requires more than just the renter's word for payment. Since the collapse of the real estate market, more property owners want more than just a lease to ensure they receive their money each month. A commercial tenant may need to be ready to provide a personal guarantee.