Finding real estate that suits the operational needs and financial capabilities of a business can be difficult. Commercial real estate can be expensive, and location is key for companies that will be hosting customers and clients in-person. After locating what may seem like an ideal property, it may be tempting to move forward quickly. In reality, it’s prudent to slow down and consider a number of issues before signing a lease or making a purchase offer.
A common mistake for those looking to lease or buy commercial real estate is to underestimate how much space they may need. California businesses should consider future potential growth when looking at commercial space. Newer companies may want to delay purchasing or signing a long-term lease until they have a good idea what they need and what they can afford.
Businesses also want to think carefully about their choice of location when searching for property. They should look at property values, projections for the area, customer safety and other businesses in the area. It is also critical to consider both upfront costs and long-term expenses. A storefront may be affordable, but it is important to look at potential rent increases, property taxes, renovation costs and more.
Mistakes when purchasing or leasing commercial real estate in California can be costly. A business owner may find it helpful to work with an experienced attorney when considering signing a lease or buying. A careful assessment of the property, contract and other factors can help a company avoid mistakes that may cost them time and money.
