Phillips & Angley

How do commercial leases differ from residential leases?

Whether your business is brand new, several decades old or somewhere in-between, a commercial space in which to conduct business can be a game-changer for the business. Whether this is your first time experiencing a commercial lease or you've gone through the process before, there are a few things to know. Commercial leases aren't identical to residential leasing in the process, so don't expect it to be.

While similar goals may apply to leasing residential and commercial space, there are things to consider that are pertinent to the success of a business. Zoning is a big part of that. If the property in question doesn't have the correct zoning permits and real estate permits for business operations, it's something that will need to be obtaining or the space will need to be passed on entirely. Also, cost per square foot is important to making sure a business can afford the space.

Unlike residential leases, commercial leases often have negotiable terms. This means that the tenant and the landlord may have more back and forth in terms of rent to be paid, any improvements to be made to the property, the length of the lease and rent increases, among other terms. A smart business person knows that just about anything is negotiable. Use this as an opportunity to save money for your business.

Moving forward, your business will be more profitable if you are able to cut costs on everyday business overhead. Rent is a big part of that. Negotiate a price that works well for your business now, and in the long term. Ensure that the commercial space has the property permits too.

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