To some extent, leasing commercial space for your business quite resembles renting a house. Keep in mind! Once you have signed the lease agreement, it’s a done deal now, and it’s too late to ask for any changes in the clause. Perhaps that’s the reason as to why it’s imperative to be prudent in your research while enlisting the assistance of a solicitor specializing in commercial contracts.
This way, you’ll be able to ensure that the agreement of commercial property for rent in Dubai is a proper representation of all your intentions as well as capabilities. Negotiating a commercial lease is quite daunting as the lease establishes your relationship with the landlord. Not only it sets down all the rules & regulations, but also for what happens when things go wrong at the time.
Before signing the contract, most of the landlords & tenants discuss day-to-day aspect like base rent & concessions in detail. Therefore it’s imperative for you to be careful because singing on the bad or unfavorable lease agreement may turn up disastrous for your business. Here’re a few mistakes you need to avoid while dealing with the commercial lease. So let’s dive in;
Do Not Procrastinate
We all have heard this bazillion times from our Moms. It’s high time you start implementing it now. Don’t stop looking for the right office space until the last minute. As per industry standards, the tenants should start looking for the space of under 10K sq. Ft. at least 6-months ahead of time. For obviously, it’ll take at least that much time in all that procedure like looking for the right property, performing the due diligence and drafting & negotiating the lease agreement.
In case the right space that you’ve found needs any sort of renovation or remodeling stretch it to 12 months or maybe, even more, depending on how long is it going to take. Keep in mind! The larger the tenant, the more complicated the process is likely to be. Perhaps that’s the reason why big corporations for space requirements of over 10,000 square feet need to look at least 9-months before the lease expires.
If you procrastinate the searching phase, you may end up with the options that could be paltry due to a short time. This may even result in settling for the best that’s available rather than choosing the best possible fit.
The same goes with renewing the office lease as well. If you approach the landlords in the last 2-months of ending the lease, you might have no leverage to negotiate better terms as the landlord now knows that you are left with no time to find to find another space. And in such cases, the landlord would have the upper hand on lease terms that could turn up unfavorable for you as well.
Budget is Important
No Offense Please! You shouldn’t enter into a commercial properties leasing that you can’t afford. Many companies go wrong at this point. They let the price dominate their property search rather than looking at the bigger picture. The office space value is more than its price per rentable square footage. In case the building reflects the actual corporate image and has all the potential to impress clients, the company owners must consider it over a cheaper space without such qualities. Go for places that are abundant with natural light that’ll also add up to the workers’ productivity.
Inevitably, the location plays the most significant role. So the tenants should be sure that the location of the new property maintains & improves tenant commutes. Alongside, the amenities should also be considered as the happy employees tend to be more productive. See if there are quality restaurants nearby. Most of all! What about the security? Take all these points into account before signing the lease agreement.
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I’m Jimish Shah, the person who started SkyZ Infotech, a Powerful and Result-Driven Most Reliable Digital Partner. I’m a professional blogger, digital marketer, and content marketer also with over 8 years of experience. My focus is on providing the most researched information to new startups, entrepreneurs, freelancers, and bloggers. My objective is to educate the youth of today on a broad range of subjects.
