We recently blogged about various considerations a business owner must account for prior to signing a commercial lease. However, commercial lease transactions are complicated, and books can be written (and have) on all of the ways a business must protect itself when signing a commercial lease. Below are a few more important items to consider.
Developers here in California and across the country have known for some time that they need to change their tactics when it comes to retail developments. Malls and shopping centers are no longer the retail meccas they once were. Thanks to online shopping, these establishments must adapt or risk completely losing their relevance.
California small business owners know how difficult it can be to find the right space from which to operate a company. Finding the right place at a price that works for the budget may tempt a business owner to move forward as quickly as possible, but it is prudent to be careful and cautious regarding the terms of a commercial lease. It is beneficial to first understand the different types of commercial leases before signing.
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.
Deciding to open a business here in Orange County may require an individual to find a space to rent. If this is his or her first foray into the commercial lease world, a person may find it much different than when renting a first apartment in college. There are numerous differences between residential leases and commercial leases, and understanding the vocabulary involved may help. One of the most important concepts that differentiate between these two leases is "base rent."
Starting a new business is an exciting time for many Orange County entrepreneurs. The urge to get started can sometimes be difficult to deny, but with so many matters to attend to before opening the doors, patience may be a virtue even if it is not appreciated. This may especially true when it comes to signing a commercial lease since taking the time to ensure that it is ready for a signature may take some time.
When looking for a location for a new store here in Orange County, a business owner may want to consider several factors. For instance, just because an area sees a lot of traffic does not necessarily make it a good location for a particular retail establishment. Before committing to sign a lease, it may be a good idea to look at factors that could have a significant impact on the success of a business.
There is no denying that the face of retail has transformed in recent years. Shopping centers and malls here in California and elsewhere no longer survive under the old development models. Moving forward may require some innovative and out-of-the-box thinking.
When renting property here in Orange County, you may begin the process by signing a letter of intent. This document outlines the basic terms between you and the property owner. You may want to make sure you thoroughly read and understand this document, because it could have implications for your commercial lease.
Regardless of whether retail properties here in Orange County are at a premium, prospective tenants still want to find the best deal possible. No one should sign a commercial lease if the terms price a tenant out of the space. Everyone involved wants to make a profit, so a balance needs to be struck between what the property owner needs and what the tenant needs.