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.
Shopping around for rental space here in Orange County may be a frustrating process. Finding a space that suits your needs at a reasonable price may seem like an insurmountable task. However, there are ways to get the most out of a commercial lease for a property that seems perfect otherwise.
The simple fact is that consumers shop differently now than they did prior to the explosion of online shopping. Previously, they went to malls and shopping centers for their retail needs, but now, many people sit at home, order from their electronic devices and wait for boxes to show up at their doors. Consumers here in Orange County are no different, and property owners may need to embrace change in order to survive what those watching the market dub as the "retail apocalypse."
When it comes to renting property here in Orange County, understanding the lingo could help clear up potential surprises for a tenant. Unless everyone understands the basic definitions involved in a commercial lease, it can be difficult to negotiate. One of the definitions that many landlords understand, but tenants may not, is "rentable square feet."
Without a doubt, the way that people shop has changed dramatically over the last decade or so. California residents can buy products from anywhere in the country and have it shipped to their doors. This has caused brick and mortar retail stores to make significant changes in the way they operate. In fact, some have even had to close their doors, at least in some locations, because they simply cannot keep up with the changes.