You’ve found the right commercial property for your business and now it’s time to talk terms. The following should help:
- Do your homework. Make sure you know not just what prices are being quoted in your area of search, but also the actual terms upon which deals are being done.
- Find out how long the commercial property has been on the market and how much space is available in the neighbourhood.
- State your terms confidently.
- Ask the landlord to confirm their offer in writing.
- Request a copy of the draft contract if not already provided.
- Move quickly if you feel confident. But if you feel pressurised or if you’re not happy and something doesn’t feel right, be prepared to walk away!
This commercial property mini-series covers other a range of commercial property tips and tricks:
- How to choose a commercial property space
- How to search for commercial property
- What to look for when viewing a commercial property
- Understanding the costs and terms of the commercial property lease
James Friedenthal is business development director at Workspace.
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