"You made your bed. Now lie in it!"
Last month we talked about common area maintenance and the wildly fluctuating fees property owners charge tenants in some cases. Fees for CAM, as the name suggests, go toward the maintenance of common areas, like parking lots. A given tenant's CAM costs principally depend on the amount of rented square footage, but the property owner has a lot of discretion in determining CAM costs. In other words, tenants should double-check that they aren't being over-charged.
The title of this post is a cheeky reference to acclaimed fiction writer Raymond Carver, who died in 1988, and his 1981 short story collection What We Talk About When We Talk About Love. Many of Carver's stories are populated with "regular" characters facing workaday circumstances, like the fraught relationship between a husband and wife.
Congratulations on opening or expanding your business! Entering a new commercial lease is a big deal, and definitely not a decision to take lightly. To ensure that you make the best-informed decisions, there are a few things that you should know going in.
Nothing better represents the American dream than turning a great idea into a business and being your own boss. However, starting a business is not without its risks. A crucial component of starting a business is leasing a commercial property that provides you the right space for your new venture. For many, a commercial lease will be a significant expense. It is no exaggeration to say that the terms of the lease can go a long way toward making or breaking the financial viability of their business.
Some of the major expenses that small businesses incur are rent and wages. When businesses are still small or in the early stages of existence, leasing commercial space will be a critical decision in the business's growth.
Most people understand that businesses need a place to conduct their business. Therefore, signing a commercial lease is one of the most important decisions that a business will make. These often have significant financial and legal ramifications that people need to understand fully before committing. When negotiating a commercial lease, there are a few important factors that people should keep in mind to avoid making some of the common mistakes that can plague a business down the line. For more information, check out some of the most common mistakes in commercial lease negotiations below.
As a small business owner, two of the major costs you are going to incur are related to wages and office rent. When looking for office space, leasing of commercial space would be an important aspect as you seek to grow and expand your small business. However, the process of negotiating and finalizing lease agreements is one that should be undertaken with due diligence. You should keep a few things in mind when going through this for the very first time.
There has been a rash of lawsuits concerning the Americans with Disabilities Act. In some of these suits, a person will go to a place of business and if there are any aspects of the business that do not fit the ADA's rules and regulations, the individual will bring a suit against the entity.
Your business has expanded to the point you need retail space. Or perhaps you're looking for office space and you decided that space in a shopping center works best for your business and customer base. Regardless of the reason, there are considerations when negotiating a commercial lease. This article discusses some of the common pitfalls to avoid when looking to rent commercial space.