For many businesses, finding the right location at the best possible lease rates and with the best terms is among their most pressing and impactful challenges for the future of the enterprise. The business location and the costs of leasing the space can often be among the foremost determining factors in a company’s long-term success. As such, the negotiation of the terms of commercial leases is typically of the upmost importance.
For tenants, the best way to start is for the principals to gather information on the neighborhoods and locations that hold the most promise. In addition to turning to highly experienced and qualified commercial real estate brokers for guidance, they should do their own research and become educated. Prior to any meetings with prospective landlords and their representatives, they should take the time to conduct a thorough SWOT analysis to identify the strengths, weaknesses, opportunities and threats related to every prospective property.
This exercise, which is also beneficial for landlords to employ when assessing their lease offers, will help to enable businesses and organizations to develop a list of the priorities that they seek for each and every location. Both landlords and tenants can use this form of analysis to create an agenda for their discussions.