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Top 5 Business Leasing Tips

Monday, February 15, 2016
by Kat Rico

Leasing property is confusing, but it gets exponentially more complicated at the business level. At one point or another, many businesses are likely to need to rent property, either for a retail storefront, manufacturing or for storage. What do you need to know? What should you expect from your landlord? Here are five great tips to help you get started asking the right questions when it comes to leasing property as a business owner:
1. Everything is negotiable - This includes everything right down to the tenant finish costs; can the landlord front the cost for any finishing and add it to the monthly cost of the lease? It’s worth asking!

2. Find a real estate broker to represent your interestsThe landlord has a broker, but that broker is working for the landlord’s best interests. You want to have a broker working for your best interest. If you engage a broker, your broker has a fiduciary duty to you and only you. Worried that the landlord will not want to work with your broker? Actually, it’s the opposite; most landlords prefer to work with someone (like a broker) who already speaks their language.

3. Think about your timeline, now double itThese things take time! The days of 2-3 page leases are gone, most are more like 20-30 pages now. Along with a broker, it’s recommended that you retain an attorney to review and interpret the lease for you, so you know what you’re getting in to.

4. Location, location, location - Is the space you’re looking at good for its convenience or as a destination? If it’s for convenience, it’ll probably be easily seen from a major street and have ample parking and your customers will be going there for you. If it’s for a destination, your customers will go to the area as an attraction. Destination spaces tend to have a higher rent premium. 

5. Parking and pedestrian traffic - Does your lease include specific parking spots for your customers or employees? Is the parking in front of your business leased to another nearby shop? Clarify these details before signing a lease. Also, the city should be able to provide you with vehicles per day and pedestrian counts for the area you’re looking at leasing, but you have to ask.

Are you looking at leasing a space? Meet with an SBDC consultant to discuss what that means for your business before you make the leap! Schedule an appointment by calling 303-460-1032, or send us a request at:http://www.northmetrosbdc.com/consulting.

Wesminster Office Move

Wednesday, July 29, 2015

Our main office, located on the Front Range Community College Westminster campus, has recently moved. We are very excited for this move because it has all at once expanded the amount of space we have and brought our team closer together. We have two dedicated consulting offices, along with a multi-function room where we will be able to hold smaller, focused training classes. 





Our new location is just off of Entrance 5 (see map below), with the closest parking lot being the Lowell parking lot. 



Along with this great new space that we are settling in to, our walls are getting a ‘face lift’ as well. As you enter and wait for an appointment or class to start, stop by and read our consultant biographies. These are also available on our website, but as you can see from in this picture, it’s pretty impressive when we get all 20+ of them gathered in one space. You may find a consultant that specializes in exactly the type of assistance you need!

     


Also in our consulting offices along with the multi-function room, we have posters featuring some of our “Success Story” clients. Their stories serve as inspiration for other entrepreneurs as well as showcase the impact that we’ve had on our client businesses. As we continue the “Success Story” series, we will begin to swap out the stories so that anyone who visits our office can see what we’re up to.



In the near future, our consulting offices will only get more functional as we add whiteboards and more materials to help make the meetings more productive. Our multi-function room will also get a whiteboard, along with a television so we can demonstrate the techniques we’re teaching in a more interactive manner.

Please watch for changes around our Westminster office as we strive to bring you high quality consulting and training in support of local small businesses.