Important traits to consider in a commercial lease

When you start a business, one of the most important aspects is choosing where to place it.

The right location not only places your company near customers but allows it to grow and evolve as necessary. What some Portland companies don't consider is that the terms of a lease are just as important as the rental location.

Finding the right lease

When you are looking for rental space, an overlooked aspect is the fit of the lease. As a business owner, especially if your company is just getting off the ground, you want a lease that allows for flexibility. The Portland retail landscape is constantly changing, so adaptability is important. Here are some factors to consider when shopping for a commercial lease:

Length of lease

A good lease for a new company should be reasonable in length. You don’t want to commit to a space too far out because it’s impossible to predict what your business will be like in five to ten years. Instead, you want a lease that offers stability without locking you into a spot for longer than you need. It can take a few years for a business to establish what they need out of a physical location, and if you’re locked into a property for the next eight years, it can prohibit your growth.

Available out clauses

At the onset of your business, you want the ability to evolve to meet your needs. The same goes for your lease. If you have a business that requires you to scale back or quickly cut costs, not having a monthly lease can be the difference between surviving and folding. It’s important to know if a potential lease has an out clause. Some commercial leases will allow you out as the tenant if you find a suitable replacement.

Growth potential

This may feel a little farther along but it’s important to account for growth. A commercial space that features expansion opportunities can give you the space necessary to continue growing. A lease that allows you to increase your rental space may offer the flexibility you need to keep your company going in the right direction.

Researching the right fit

Finding a commercial lease that fits your company may require some searching. It’s important to keep your goals in mind as you look at spaces. Don’t discount the value of a flexible lease when considering between two similar properties.

If you’re having trouble deciding if a lease fits your requirements, a skilled business attorney can be a valuable resource.

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