Chris Carmen / February 8, 2018
The following is excerpted from Entrepreneur’s Ask the Money Guy, Joe Worth.
When a concerned reader asked, “Any advice on how to lease my new location without getting ripped off?”, Entrepreneur’s Joe Worth had some answers. He shared 12 crucial criteria to consider, highlighting the need for proactive planning and shopping for a commercial real estate broker, specifically one who focuses on tenant-side work.
The checklist of criteria to consider when finding a new office space includes:
- Lease Term
- Rent Increases
- Extra Costs
- Prepaid rents and/or deposits
- Cost of improvements
- Conditions of the build-out
- Maintenance and repairs
- Right to sub-lease
- Exclusivity rights
- Right to assign the lease to a new leaseholder
- Inventory liens
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