Avoid The Most Common Commercial Property Leasing Mistakes
October 14th, 2007 Posted in LeasingPerhaps, the most common commercial property leasing mistake is not allowing sufficient time to research the property, make inspections, and weighing your options. You should thus allow for a period of six to twelve months in which to look over the facilities, and sometimes longer in case you need to ask professionals to do the assessment.
Next, you may fall into the trap of neglecting long term priorities and may instead settle for the near term solutions. It is thus necessary to evaluate more than short term needs and look at square footage such as number as well as size of rooms, floor plan type whether open, private or a combination of the two, communications and parking needs, access as well as security needs and to factor these for the long term as well.
Lack of proper knowledge is another common mistake made in leasing commercial properties and it is unwise to make decisions regarding location without knowing all the facts regarding each and every different choice, and you should realize that making mistakes will reduce your profits and cause you additional exposure financially.
And, when you look to acquire the commercial property, you may choose to take it on ‘as is where is’ basis that can be risky despite the premises looking alright to the eye since there could have been changes to the building code or the infrastructure could be inadequate or even broken. Thus, you would be better off to get a guarantee as to the ADA, building, safety, fire and zoning codes.
