Before entering a Kelowna commercial lease agreement, it's important to carefully go through the terms and conditions.
A Kelowna commercial lease can be a great solution for businesses in search of a base of operation. It lets you get up and running quickly without tying up your cash flow. But before you sign on the dotted line, it's important to understand how business leases work.
By taking the time to research the market and learn how the process works, you'll stand a better chance of finding a lease space that suits your needs and budget.
1. Look Around
There are many different types of lease space in Kelowna, and the nature of your business will determine which is the best fit for you in terms of:
- Location
- Building type
- Lot type
- Budget
- Available services and features
For instance, a commercial lease at Space Centre Storage comes with the added bonus of access to forklifts and material handling equipment. So, if your company regularly receives and ships products, materials or equipment, it might be worth considering.
2. Understand the Costs
On top of your base lease price, you may be charged additional costs for things like:
- Water
- Utilities
- Taxes
- Repairs
Don't be afraid to ask questions about what is included and what you're responsible for. And when negotiating the terms of a commercail lease with your landlord, be sure to get any verbal agreements put into writing. This will help you avoid unnecessary problems, disputes and time loss later on.
3. What's Included?
In addition to understanding the extra costs, it's equally important to establish what services will be included in your lease agreement. Some of the common considerations include:
- Parking
- Heating
- Air conditioning
- Security
- Snow removal
- Landscaping
4. Know the Term
A Kelowna commercial lease can be set for either a fixed or a renewable timeframe. They can also work on a month-to-month basis, or for a longer period, depending on what the landlord offers. It's a good idea to establish the term upfront so you know what you're committing to.
Also, if additional space becomes available on the premises, will you get first refusal? And if you initially agree to a month-to-month lease, will there be options for a longer-term agreement when it comes time for renewal?
5. Size of the Lease Space
It's quite common for Kelowna commercial lease rates to be based on the square footage of the space being rented. To ensure you're getting full value for what you're paying, it wouldn't hurt to bring along a tape measurer to verify the building specs. If you're unsure, ask your landlord how they calculated the size of the lease space.
6. Insurance
You will likely be responsible for any damages or repairs that aren't covered by your landlord's insurance policy. To fully protect yourself, it would be prudent to reduce exposure with additional business insurance.
If you are considering a lease, read our post: 4 Reasons Why Kelowna Commercial Lease Space Works for Small Business.
Do you need Kelowna commercial lease space in a convenient, secure location? Space Centre Storage has a range of units to suit an array of business types. Call us to discuss your business needs.