Jan
08
If I want to start a small retail business what is the best type of lease for me to look for?
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I would like the name of the lease so that when I look over property listings I know what to look for.
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2 Comments
January 10th, 2010 at 8:42 pm
You want the least amount of obligation and cost, along with plenty of options to extend the lease in the event you are successful there.
For example, a 1 year lease with 3 * Five year options to extend would be great.
Offer less beginning rent with annual increases tied to CPI (consumer price index), not to exceed 3% per year.
Make sure utilities are tied to your actual use. Be aware of property taxes, and operating and management expenses that the owner will want to pass through to you.
Try to have “expense stops” (limits) on total annual expenses.
January 13th, 2010 at 8:28 am
Actually the answer above was quite good…
I would be hesitant to lease retail space from someone that posts ads in the paper etc. I guess you would see abreviations for “types” of lease in that environment, but not typically through professional landlords.
Really good advise: you should get a broker that specializes in retail leases to work on this with you. The landlord pays the broker commissions, and the deal you ultimately get will be better than if you try to do this alone.