Five pitfalls in commercial leasing on the Gold Coast
Posted by QC LAW on April 20th, 2022
Many pitfalls should be considered when searching for a new commercial space. Before signing a leasing agreement for commercial space, thorough research and a consultation with an experienced commercial lawyer on the Gold Coast is recommended. It would be best to avoid the things listed below when you lease your next commercial space.
Miscalculating your space needs
Consider your future needs when looking for a new commercial space. Searching for an office that meets the immediate space needs is one thing; planning for future expansion is another. Overspending on office space is better than running out. Employee engagement and productivity will be negatively affected if your office is overcrowded. When entering a commercial lease agreement, consider your future requirements and plan for future growth. An experienced commercial lawyer would have helped many clients in the past and be able to offer advice on this.
Searching only the public listings
Numerous exceptional properties aren\'t on listing websites. Public listings may miss many good property opportunities, which may fit your business perfectly. Working with a tenant representative broker who knows the industry well is good. Other commercial properties not currently listed will be available for you to view.
What is the company\'s five-year plan? Again, it would help if you considered that when choosing your property. Choose a commercial space with enough space to grow over the lease term. Spaces that are suitable for commercial use will be able to grow with you - you might be able to include other floors of the building in your lease at some point. Similarly, it might be a good idea to avoid exceptionally long leases. Your workplace prevents your company from growing, and your lease prevents you from taking advantage of valuable opportunities.
Avoiding fit-out charges
There\'s a break room, a storage area, and plenty of open space to build your business exactly as you have planned. What about the cost? What are you going to do? You are responsible for any fit-out costs if you lease a commercial property, even if it is not yours. Consider this when negotiating a lease, as too costly a lease could leave you without the cash you need to utilize the space you envision. If your landlord appears especially keen to have you as a tenant, you might consider asking them to subsidize the fit-outs.
Renegotiation time is limited
Commercial leases work well for you down the line. However, you may lose sight of the end date. If you can\'t afford to relocate or don\'t have the time to move out, you\'ll feel pressured to renew the lease as the end date approaches. Keeping an eye on the future is always helpful. Let your property manager know if you lease. Newcomers to commercial leasing may find it difficult to avoid mistakes. There are many nuances to property law and leases that you\'d be better off consulting a professional commercial lawyer on the Gold Coast for advice.
For comprehensive leasing advice, contact QC Law, your trusted Commercial Lawyer on the Gold Coast. QC Law is proud of providing impeccable service to clients and referral sources alike. Our team consists of some of the largest and best lawyer practices on the Gold Coast and in Queensland, including Lawyers specializing in Property, Commercial, Business, Estate, and Criminal Law. At QC Law our professional team is backed up by a team of highly experienced support staff that each contributes to the company\'s success. QC Law prides itself on being at the forefront of technological advancements in each area of law in which it practices. We ensure that our team is always informed of any legislative changes that may arise.