Renting a Business Space
So you’re considering renting a business space. Maybe you have been working from a home office for some time or your business is not conducive to working at home (you need a space with an industrial kitchen and a storefront for example).
I call it renting a business space because some people will need a commercial lease and some will not. Our law firm for example, primarily does work from a co-working office called Enthusiasm Collective. We are a member of the co-working space. Some folks who sell art or prepare and sell food out of a food cart may have a space agreement with a lot owner. There are other folks who rent an office room inside of another company’s office. All of these are businesses spaces and just a few of many business space rental options.
For those that have decided to consider commercial spaces, it’s important to know why a commercial lease is different from a residential lease (other than that in one you live in and the other you do not --unless of course it’s a live/work place).
Simply put, a commercial lease is an agreement between a landlord and a business outlining terms and conditions of rental property. A commercial lease is specific to renters using the property for business or other commercial purposes versus residential use (From: www.businessdictionary.com/definition/commercial-lease.html).
It’s different from a residential agreement because there are fewer consumer protection laws, no standard forms (a commercial lease can also be anywhere from 5 to 50 pages long), long-term and binding, and allows for negotiability and flexibility.
Whether you are renting a commercial space or another type of business space you must ask yourself: Is this a good fit? Can I afford this? If I grow, can I expand the space in the same building by renting additional space next door? Can I renew this lease? What are the common areas in this building that commercial tenants have access to? Who maintains common areas? Who does landscaping around the building? The questions can go on and on and many of them can be answered with mutually agreed upon terms in the commercial lease itself.
At Rational Unicorn Legal Services we can represent you in commercial lease negotiations and draft lease terms and whole lease agreements. We can also if you’re close to signing a commercial lease, review it and provide you feedback with any areas of concern. Contact us today to discuss how we can help with your business space rental.