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Steps to Take Before Signing a Commercial Lease

Finding a commercial space for your business can be exciting as you look forward to the growth and success of your company. However, securing commercial property requires entering into a legally binding contract.

Signing a contract is a big deal. Before jumping into a commercial lease, you should take some critical steps. If you’re interested in signing a commercial lease, a real estate attorney in New York can provide exceptional guidance. Consult with a commercial real estate lawyer at Woods Lonergan. 

What is a Commercial Lease?

A commercial lease gives you rights to commercial property for a set amount of time. It is a contract between you and the property’s owner, the landlord. 

When you rent a space in which to run your business, you’ll have to sign a commercial lease. If you have a clothing store, for example, you’ll sign a commercial lease for a storefront.

Many businesses choose to rent commercial space rather than purchase property, as it can be more cost-efficient. 

What to Do Before Signing a Commercial Lease

It’s never wise to sign any type of contract without first thoroughly reviewing the agreement and taking some essential steps.

Get to Know the Area

First and foremost, before you sign a lease for commercial property, get to know the area. Just because you can put your business in this space doesn’t mean you should. Where you put your business should depend on the surroundings: location is everything.

Do some research and weigh your options before committing to a commercial lease.

Understand the Terms of the Lease and Consider the Details

Before signing a commercial lease, read it closely to understand it. 

Important terms of a commercial lease can include:

  • The length of time you’ll be leasing the commercial property
  • The price of the space
  • Which party takes on certain financial responsibilities for the property
  • Whether subletting is allowed
  • Whether you’re able to terminate your agreement early
  • Whether you’re able to renew your contract

You always want to thoroughly review your commercial lease contract to ensure the terms are agreeable. Once you sign a contract, it is enforceable. In most cases, a landlord will not agree to changes after the agreement is signed. 

Consider Negotiating If Necessary

If, after reviewing the details of your lease agreement, you’d like to request some changes, consider negotiating with the landlord. 

Sometimes, the property owner is not willing to negotiate. This may be a sign this commercial property is not for you. Make sure the contract meets your needs before signing it.

Consult with a Lawyer

It is always best to consult with a lawyer before signing a commercial lease agreement. An experienced commercial real estate attorney knows what should be included in your lease and will help protect your rights. Additionally, a lawyer can assist you if you need to negotiate the terms.

Choosing a New York Commercial Real Estate Attorney

If you’re looking to lease a commercial space for your business, discuss your situation with a real estate lawyer. A skilled attorney will work to ensure you’re entering into a fair lease agreement to eliminate any challenges in the future.

For almost 30 years, Woods Lonergan has been assisting NYC clients with their commercial real estate needs. Our attorneys’ thorough understanding of real estate law and broad set of skills put our clients in an advantageous position when leasing commercial property. 

We pride ourselves on providing high-quality and trustworthy legal services when you need them most. Don’t sign a commercial lease without a qualified real estate attorney. Contact us today to schedule an initial meeting with one of our New York lawyers.