Tips For Renewing Your Commercial Property Leasing In West Chester, PA

 

Commercial Property Leasing

When it comes time to renew your commercial property leasing in West Chester, PA, it pays to be informed. Rent is a significant part of your business expense, so it’s critical that you negotiate a fair price for retail and office space for lease. 

Evaluate Your Business Needs

If your business is growing or changing, you may want to negotiate a larger space or a different configuration. 

Lawyerly Advice 

If your commercial property lease terms are complex, consider engaging a lawyer so you’re familiar with the terms of the contract. 

Understand Your Costs

Have a good understanding of your projected costs for the year, including materials, labor, and insurance, so you don’t end up in the red. 

Know Your Lease Options 

Costs covered vary from lease to lease. Options vary from gross rent leases that cover base rent and all incidentals to net leases that include base rent, plus different levels of additional coverage. 

Check Market Rates

Always check what the current lease market is in your area. Once you know the cost per square foot, you’re on more solid ground for negotiation. 

Review Termination Conditions

Always know the terms of ending the lease early. You never know what will happen, and it’s best to be aware of penalties. 

Ask About Tenant Inducements

If they’re eager to lease, they may offer some inducements like free months or offer to pay for part of the renovations to get you into space.

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