Your business is growing, you need more room, and you’ve found the perfect space! In all your excitement (and relief), don’t sign on the dotted line until you fully understand the leasing agreement and negotiate what you want. Today’s guest reveals her pro tips to negotiate a commercial leasing agreement so you avoid common pitfalls and get the best terms.
In this episode, I spoke with Katherine Watson, President of Manakins Farms, a real estate and development company, and Co-Founder of Office Alternatives, a co-working space, both in Richmond, VA. A big part of her day is spent leasing space to tenants. So, we tapped into Katherine’s expertise about what to do and what to avoid to set yourself up for the best commercial leasing agreement possible.
The biggest mistake most make when entering into a commercial leasing agreement
Exactly when you should hire an attorney to review your lease
What should be included in a Letter of Intent (LOI)
The savvy question that will reveal hidden Common Area Maintenance (CAM) fees
How to turn landlord funds for Tenant Improvements (TI) into your rent abatement
How to avoid being stuck with HVAC repairs that can blow your budget
A big mistake tenants assume regarding water, sewer and utility costs