Leasing a New Business Location

Choosing a location to lease for your new business, or to expand your current business, is key to its potential success. Once you’ve found your ideal location, you’ll need to discuss the terms of the lease with your landlord and your attorney.

Leasing a New Business LocationLease Length

If you are starting a new business, it’s a good idea to set your lease at one to two years, with an option to renew. Opening a new business is a risk, and you won’t want to be stuck with a long term lease if things don’t work out. If you’re opening a new location for a current business, you may get a better deal if you negotiate a longer lease, unless you’re unsure how well the new location will work for you.

Be sure to discuss potential rent increases and renewal options so that you’re not facing an increase in rent or having to find a new location out of the blue.

Remember that your landlord is looking for a long term tenant who will care for the property and pay rent on time. He or she will try to make long term leases sound appealing, as will the real estate agent hired by the landlord. It is in your best interest to discuss your lease with an Illinois attorney who works in real estate and business.

 Additional Expenses

Residential leases often put the burden of repairs on the landlord, but commercial leases are different. Just because a landlord owns the building does not mean he or she will be responsible for paying for all repairs or maintenance. Your landlord may charge extra for things like maintenance, lawn care, snow removal, repairs, parking, security, and utilities, or it may be your responsibility to cover all or a portion of these costs. Make sure to discuss these fees up front so you understand how these are paid and you’re not surprised later on.

Read Your Lease

You should never sign a document without first reading it. It’s a good idea to have your Illinois business lawyer look over your lease and help you with negotiation as well. Contact the Gierach Law Firm for assistance with your small business lease today.