Why should you use a professional advisor when renting commercial space?
This week we focus on why you should use a professional advisor if you are looking to rent commercial space.
Renting commercial space is a large financial commitment, and one of a business’ largest expenses, so its important that you ensure you get the best deal possible. We at PLUM can assist with the following:
- Searching and proposing rental space to fit with your requirements and budget.
- Advice on submitting an offer. Not only do we know the market and can advise on what rent a property should be priced at, but we can also advise on other lease terms. We can negotiate the best possible rent and lease terms for you.
- Advice on lease terms. This is often a largely overlooked area which everyone should seek advice on. There are many clauses within leases that require careful consideration – term length, right to renew terms, break clauses, rent reviews, tenant and landlord obligations, additional charges such as maintenance costs etc. There is a lot to think about – we at PLUM have this covered for you if you choose us to assist.
For example, many leases enable an owner to increase CAM charges on an annual basis based on the previous years CAM expenses. Tenants preferring certainty can negotiate a fixed CAM charge over the course of the lease term.
- Often, when taking on a lease, occupants don’t think about their obligations when exiting a lease as this so far in the future. We can advise on this and ensure your obligations when exiting a lease are kept to a minimum. Ask us about dilapidations and how you can protect yourself from unexpected costs at the end of a lease.
- PLUM provide a variety of property services and so can also assist in other areas after a deal is agreed on renting space, such as recommendations on other services you may require – fit out contractors, solicitors etc. We have an array of contacts we’d be happy to recommend.
The entire PLUM team are fully qualified Chartered Surveyors which means that we have proven our competency to the RICS (Royal Institution of Chartered Surveyors) in areas such as negotiation and lease terms. We are well equipped with the knowledge, both on the rental market and lease terms, to assist you with what might be one of the largest decisions you ever make. Agents letting a commercial space has the owner/landlord’s best interests as their priority – their client is the landlord and the higher the rent achieved, the higher their commission. You should make sure that you have a professional advisor in place too.
Ask us how our advice when renting commercial space can come at no additional cost to you – firstname.lastname@example.org / 925-4129