Commercial Leases... WHAT?

INDUSTRIOUS VIEW -- 33rd Floor SunTrust Building

Now that the economy throughout Tampa is really moving in a positive direction... Many new, small, and medium sized businesses are starting to expand, needing new office space.

Many of us are familiar with a residential lease agreements and sales contracts: negotiate price, negotiate timeline, and close the deal.

In commercial leasing there are many more elements at play: length of lease (3 years, 5 years, 7 years, 10 years), amount per sqft, build out improvements, who pays for the improvements, can I get free rent while I move stuff in and can't use the space, signage, can it get hung, where, how big, parking spaces, etc... As you can see the process can get quite taxing if you are unfamiliar with the process, what to ask for, and how.

Commercial Leases start off with an LOI -- Letter of Intent. Unlike residential leasing you can have multiple LOI's sent to multiple locations to price compare what works best for you and your company. Letter of Intents (LOI) are just that. They let the commercial agent representing the Landlord of your office, retail, commercial space know you are interested in leasing this space with these terms. It begins the negotiations.

In the event of the build out, who pays for it? 9 times out of 10 the LANDLORD WILL! SOMETHING NEVER SEEN IN RESIDENTIAL LEASES! Many people who have a small business and try to get a commercial lease on their own get railroaded in this one fact. Most of the time it's because they just didn't know they could ask for it and not have to pay for it. For instance, if you install updated flooring, layout, and modifications to your business making it sharp -- once you leave the space, it stays with the Landlord improving the overall value of their business. Hence why 90% of the time it's provided by the Landlord free of cost to the Tenant.

And lastly, I'll pitch my team's services. This is why you need an agent who's represented clients looking for views like these, updates to assist in making their business boom, and giving them multiple free months of rent... Contact us if you're looking to explode your business by moving into a new leased location! And we'll take you to lunch at the places below to discuss business -- on us!

The Hall of Franklin -- Nice Restaurant

TAMPA CLUB -- Top floor Bank of America Building