The FAQs of Leasing Denver Commercial Real Estate Space
June 22, 2016
Leasing Denver commercial real estate is a great way to grow your business or find premium space without the price of buying. You also have several benefits with another person or company owning the space allowing you and your business the ability to focus on your work.
Should I rent or buy? When it comes to the decision of buying or leasing, consider how long you will be in the space. If you feel you will be in one location for seven or more years and your budget allows, purchasing can be more beneficial to your budget in the long run. If you only plan on staying somewhere for a couple years (or up to seven), renting will be your better option. Leasing for a shorter amount of time will allow you to focus on the business and less on building maintenance or settling into a location that you don’t plan on staying in long term. If you aren’t sure of how long you will be in a space, you may be faced with the challenge of an amount to sign for. Look into starting with a three to five year lease and work with a broker to help determine a defined amount to start with.
What should I look for in commercial real estate? As you search for a new home for your business, some of the top things to consider are how many employees you have, pieces of equipment and items you need in the building to determine space. Next, consider your office and cubicle situation to accommodate employee work areas (and possibly consider alternative space ideas, such as communal work environments). It is also important to make sure your electronic needs are met—especially if you have a server or computer room that needs to be readily accessible. Last, does the space work for your customers? Are there enough quality common areas, places for visitors or customers to shop? Also, evaluate if there is enough parking for customers and employees.
What expenses come with leasing? While you will not have the same expenses of purchasing commercial space, there will be some costs with leasing. First, you will need to pay a security deposit and often along with the first month’s rent. You may also have to pay a broker’s fee if you use one in this process.
Should I work with a broker? Real estate brokers are licensed members of the real estate industry and can help your business find a new space to lease. A local broker will spend the time to help you learn and understand the landlord’s lease terms and can handle any negotiations that may need to take place on your behalf. They will also help find all notes and details of the terms to ensure you understand and are not taken advantage of.
The Sherman Agency is your go-to premier Denver real estate expert. Our brokerage services meet the needs of tenants, property owners, buyers and sellers of retail, office, industrial, apartment and investments properties. We will help you find the best space that meets your needs in a price that fits your budget! Learn more about our Brokerage Services and give us a call at 303-572-8778 to get started.