Tips for locating, leasing, and moving into a new retail space were recently set forth in an article by Alfred Ardis. His article, “Retail Space for Lease-How to Find What you Want,” outlined eight steps one should use when seeking new space. Ardis states, “Understanding lease terms and being able to negotiate them wisely is the first step in finding the right place. More than anything else, you’ll want to protect your own personal and business interests.”
The eight steps are:
- Look Around.
- Know Your Limits.
- Do a Walk-through.
- Review the Lease.
- Hand in Your Application.
- Renovation Day.
- Move in Day!
You can read more details about the steps here.
Several of the steps may be less simplistic than they appear in Ardis’ article; however most the steps will be a part of entering into a new retail lease agreement. The article states, that negotiations come before the lease, and the lease comes before the application. Often times, these items are all being worked through concurrently, or even out of order. For example, a credit report might be required before lease negotiations begin because a landlord may want to know the tenant and use have financial viability before putting money and time into negotiations.
As Ardis states in item number five, it is important to have your real estate lawyer review the lease. This is important because legal terms can be tricky. Before entering into a lease, a lawyer can work with you to help you understand and negotiate the legal contract that will govern your tenancy.
PlazaCorp Realty Advisors, Inc. would appreciate the opportunity to work with you as you make your desire for a new business or location into a reality. Please contact us at (269)383-5775.