Are you a business owner looking for a new commercial real estate lot to rent? Working with a commercial real estate company is almost always advisable, as commercial real estate can be exceptionally challenging to navigate on your own. Leases in commercial real estate are not as simple as leases for standard rental properties. Here are a few of the expenses that are most commonly forgotten.
1. Maintenance Fees
Maintenance fees are usually calculated by square footage and can vary wildly depending on the age of the building, its location and its common spaces. In fact, in some areas maintenance fees can match or even exceed the actual leasing cost per foot. Maintenance fees should always be combined with leasing cost when comparing two buildings.
2. Build Out Costs
Most commercial real estate properties will give you a credit to your build out costs when you sign a lease. Build out costs are a stipend used to renovate the interior of the building to suit your personal needs. You should consider this credit in your final costs because it can be quite large. Some buildings will give you tens of thousands of dollars to remodel; others will not give you anything.
3. IT Infrastructure
Some buildings already have an IT infrastructure in place and this can be a fantastic cost savings. Others require that you install the IT infrastructure on your own, so this is again an additional expense. Still others require that you go through their own available IT service providers or engineers, so this, too, must be considered. IT infrastructure will include not only your Internet Service Provider but also your telecommunications services, so it can greatly effect your future productivity in addition to your costs.
4. Parking Expenses
Parking expenses can vary significantly by building and it isn't always obvious how expensive it will be simply by looking at the property. Some buildings have deals with nearby parking structures. Other buildings have tenants who have been there a long time and leased all the available parking spots. Depending on the amount of staff members you have, a building's parking costs alone can be prohibitively expensive.
Working with a commercial real estate company, like Baddour And Associates Commerical Realtors, will ensure that all of the above costs are included within negotiations. Most real estate companies will be able to negotiate quite aggressively on your behalf because they often already have an existing relationship with many of the commercial real estate property owners in the area.