There are many factors to consider when it comes to leasing commercial real estate on Long Island. From lease terms and space usability to services and amenities, there is a lot to understand when searching for the right building in Nassau County or Suffolk County. Our commercial real estate checklist will help you to make the best decision for the future success of your business.
A Real Estate Checklist for Commercial Leases
Leasing commercial real estate on Long Island is a large financial commitment, so you should be prepared with what to look for while searching for the right space. It’s also important to hire an experienced broker who can seamlessly guide you through this process. Our real estate checklist outlines some of the most important issues for you to address before signing a commercial lease.
Terms of Lease
Understanding the terms of a lease is essential to being able to make an informed decision. The most important thing to know is the duration of the lease. You also want to find out if you have the option of choosing a long-term lease, which can help to lower your total cost.
- What is the start and end date of the lease?
- Is the property rent-stabilized? Are there additional expenses?
- Does the landlord have the right to terminate early without cause?
- Is the landlord flexible in giving the tenant a longer occupancy, if needed?
Landlord vs. Tenant Responsibilities
What are you getting involved with? Before considering a commercial lease, you should be fully aware of what the required responsibilities are for both the tenant and landlord.
- Will the landlord or tenant be responsible for repairs and replacements?
- Who is accountable for compliance with new requirements, such as ADA guidelines?
- Will any tenant improvements be necessary and if so, does the landlord contribute to the cost?
Space Usability
Find out how much space you are actually allowed to utilize based on what you are paying for. Make sure that you verify the square footage that is provided by the landlord.
- Is the layout functional for your business operations? Can it be altered to fit your needs?
- What are the building’s operating hours?
- Do you have the right to access the building after hours and on weekends?
- Is signage allowed to be put inside or outside of the building?
Services and Amenities
Every business requires different services and amenities that can provide value to their company. Each property has certain design features, known as amenities, which can be utilized by tenants. It’s recommended to create a list of priorities so that you can help narrow down your choices when you compare different commercial properties.
- Does the lease include telephone, Internet, water, heat, cleaning or security?
- Is parking available? Are there a certain amount of reserved spaces?
- Is there an adequate amount of storage space or a separate storage room?
- Is the location easily accessible and close to major transportation hubs?
Our real estate checklist gives you an overview of what to look for when seeking to lease commercial property on Long Island. If you are ready to start searching for an ideal space for your business, contact S&D Real Estate.
