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Commercial property: Closing the deal

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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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