Business owners in New York may want to move to a new location or take the leap to a physical space. However, if they have not rented commercial property in the past, they may need more information about how to secure a location. A commercial lease is often far longer and more costly than a residential one, and there are many more things for businesses to keep in mind. For many companies, a commercial lease may be preferable to purchasing a property, depending on their needs for flexibility and resources to manage a capital asset.
Many companies prefer to lease because they have clauses that allow them to move to another location for business needs. While commercial leases can last for much longer than typical residential rentals, they are still shorter than a mortgage on a commercial property. There multiple factors for companies to keep in mind when looking for their new space. Location is, of course, one of the most important. Customer-facing businesses like retail outlets may want to prioritize a space that is convenient for walk-ins and client traffic, while offices with little customer interaction may be more concerned about pricing.
Any business can benefit from making a clear budget for its commercial real estate and sticking to it. Unaffordable commercial leases can drive a company out of business, so it is important for owners to be realistic when setting this number. There are other practical concerns to keep in mind as well, including parking access, zoning, and the safety of the surrounding area.
Commercial leases are also different, without a standard form and having an array of negotiable terms but fewer protections for tenants. A real estate attorney may work with a business owner to negotiate a fair, flexible commercial lease agreement.