As a commercial tenant, it can be tricky to find and secure your dream property. Yet with tenacity, a good credit and tenant record, and an understanding of what commercial property owners look for in tenants, you can find great premises.
To stand the greatest chance of success when you apply to lease commercial property, read these 5 things that commercial property owners and landlords wish prospective tenants knew:
Prime commercial property is in high demand
There are limited properties within central business districts. Demand often outstrips supply, as many businesses want a central, convenient location. As a result, property owners have to process large volumes of applications. If you apply to rent a property at a peak time of year when many other business owners are looking, you can expect to face tough competition.
To beat other tenants and find a great location, plan your move for when other business owners have settled into their offices for the year. Or find property further way and use flexi-time to avoid employees struggling with rush-hour commutes.
Processing commercial rental applications can take time
Property owners and landlords need to liaise with multiple tenants. It’s a good idea to be polite and considerate of this when querying agents. If you show demanding behaviour before you’ve even sent your application documents, the commercial property’s owner will be less inclined to favour granting you the lease.
Have reasonable expectations of your new premises
If you are moving into an older building, keep in mind that there are specific requirements according to property law that might not include all of your personal requirements.
The law requires landlords to ensure that a property is fit for the use for which it is let. This means a commercial property owner is required to ensure their building is safe and maintained via normal running repairs. Landlords are not required to perform security upgrades or aesthetic changes (painting walls, replacing carpets, etc.).
Cooperative tenants are always preferred
Most commercial property owners have experiences dealing with nightmare tenants who always pay late or complain. One of the first things the property owner will look for is signs of a good fit, so make sure that you keep interactions cordial and professional.
Because property owners have to perform plenty of admin already, they’ll be wary if it seems from the outset that your company’s tenancy will add excessively to existing administrative loads.
It’s easier when tenants know their needs
Many property owners experience the frustration of a tenant appearing happy with their commercial space at first but then finding it inadequate upon occupancy. Landlords and owners naturally want to avoid last-minute cancelations and having to scramble for new occupants. Make sure that you are fully aware of everything you need in your commercial space. Before you even start looking in earnest, list your:
- Zoning needs
- Utility needs
- Current and future space needs
With proper planning, you can find a property that meets every non-negotiable requirement and save both your business and the property owner the hassle of having to start over with the leasing process.