Before taking the final step to leasing your commercial space, there are a few guidelines to follow and necessary components to factor into your decision-making process.
It is important to stay informed and know exactly what you are getting yourself into before signing any contracts. Grimsby Waterfront condos provide exceptional commercial real estate to lease without any added risks or hidden fees. You can be sure to make the right choice for your business by going forward with a trusted and successful developer today.
Different Types of Leases
Right off the bat, you’re going to come across a few different leasing options that’ll need to be taken into consideration. The two most popular being gross and net leases, both with their own separate advantages. A Gross lease compiles all your fees, utility costs and rent into one monthly payment, whereas a net lease charges a monthly amount plus taxes, insurance, etc.
Once this key factor has been decided, you’ll need to determine the length of the lease. Leases are not standard nor fixed, therefore they’re usually longer in length (approximately 3-5 years). The renewal period may also differ, often requiring an escalation where the price goes up after renewing your contract.
Another factor would be the possible expectation of pre-paid rent. Often, new businesses moving into a commercial space for the first time are required to pay a larger amount of rent upfront. This helps guarantee security and collateral within the agreement. All things considered, it is important to have a good real estate agent or lawyer on hand to help read through any contracts and agreements involved.
What Is/Is Not Included with your Commercial Space
The plus side to leasing a Grimsby waterfront condo unit is that all maintenance and upkeep is handled by the building association. The extra fees involved in leasing a shared space would then be included with your monthly rental amount. This serves as a huge benefit for small businesses who otherwise couldn’t afford the costs of major repairs. But every commercial building is different, and you’ll need to clarify with the landlord who is responsible for daily maintenance – they or the lessee.
Another advantage would be the added amenities that come with condominium spaces. Within a commercial complex, you will enjoy the luxury of a new and spacious parking lot, professional landscaping, and perhaps even exterior as well as interior cleaning services. Again, you’ll want to clarify what exactly is included in your rental agreement and what costs are extra.
Rules and Parameters
When you first tour a potential place, what you see is likely what you’ll be getting in terms of layout and design. Any improvements or renovations will most commonly be done at your own expense. And even then, the landlord may forbid changes to their building or require that you hire their contractors for the job. Another factor is that of signage and making sure to meet the requirements the commercial space has already laid out. Some managers prefer their storefront signs to follow a specific colour scheme, whereas others may require them to be lit.
The last thing to keep in mind are the consequences of your business closing. During these uncertain times, especially for first-time business owners, it is impossible to say what could happen. Take note that if your company were to fail, you’d still be required to maintain the unit and pay rent. Sometimes landlords allow you to sublet, or rent the space to someone else, but this will all be handled through your contract agreement.
There are many steps involved to finding the right commercial space for your business and to ensure an overall positive leasing experience. Grimsby waterfront condos are centrally located and offer various unit sizes to meet your individual needs and expectations. Don’t settle for less but rather set your company up for guaranteed success with modern real estate today!