This can be time consuming and may require specialist expertise to source a premise and negotiate terms that are in the best interest of your business and without an emotional bias. A commercial buyers agent can be a helpful resource to help you navigate the path to a commercial premise. There service is to ensure you gain the best premise available that meets your criteria and on terms and conditions that are in the best interest of your business. A buyers agent will save you time and money and bring confidence to property decision making.

If you do decide to minimise your costs and have the time to do this yourself, complete as much pre-planning as possible. This will save you considerable time and money by only considering properties that suit your defined criteria.

Get to know the areas and zones you are considering for your business location and talk to local business owners about who is moving in or out, who owns what buildings, and also who are the best-known and most respected commercial real estate agents in the area. Again, this could save you money and time. Let the agents know the size and style of premise you need and potential duration of lease. This information will enable the agent to search and contact the commercial owners to see if they have any upcoming premises. This will give you an opportunity to view premises pre-market, and in a hot market this action could save a lot of money!

Buying or leasing property in the commercial real estate sector is complex and it requires a specialist commercial property solicitor to assist in negotiating the terms, so please don’t enter negotiations alone, seek guidance from an expert.

In general terms, a property lease is about paying an owner a fee to lease a space for a specified period of time and specified terms. There are several components to commercial real estate and leases for land, building, business or a combination of these, so ensuring your purchase or lease includes the correct components is essential to avoid costly mistakes. Ensure you engage a commercial lawyer to negotiate and review all commercial real estate documentation.

The cost per month is usually a dollar figure per metre e.g. $2,000/m2 per month payable. This is commonly a negotiable term and can be bundled with other terms such as payment type, duration of the lease and extension(s), lease extension and pricing at a pre-negotiated rate or CPI, maintenance and services for the building and/or site such as security, pest control, waste removal, car parking, building condition, and signage. A termination clause is important and should include notice and payments due in case of business closure, insolvency, financial administration, or force majeure, to name a few.

Make sure you understand the rights and obligations of your commercial purchase or lease prior to its commencement.

Securing a business premises and negotiating the terms and conditions for a commercial lease can be complex but with the right team of advisors the process can be well planned, time efficient, and contain clear documents which will ensure this moment is an exciting moment for you and your business!