Once you find the ideal commercial space for your business operations, you may feel eager to sign the lease and move in. Enthusiasm is understandable, but it might distract you from ensuring the lease terms serve your best interests.
You have the right to study the document, ask for revisions if necessary and request additional terms that help you avoid potential hardships. Most landlords are prepared to negotiate, but they will probably wait for you to start the process.
Must-have terms – if the landlord agrees
No law exists that requires property owners to negotiate, but they will if they want to find suitable tenants. Some of the most beneficial (but often overlooked) commercial lease terms to request include:
Broad use of the property. A lease must define how you can use your space. See if the landlord will agree to use a broad definition (for all lawful purposes, etc.) to keep your options open.
Sufficient notice of termination. Your lease likely says you must move if the landlord decides to sell or destroy the building. Ask that the lease terms provide you with enough time to find a new space for your business or retail establishment.
Permission to alter your space. Most commercial leases do not allow tenants to modify the property (paint, carpet, etc.) without obtaining written consent. See if you can eliminate this step by requesting a lease term that gives you general permission to make reasonable alterations.
New York landlords do not have to agree to your requests, but asking for what you want and need may open the door to further negotiations. Remember to have a legal representative review the lease before you sign to ensure it does not impose potential problems.