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Tips for negotiating a commercial lease in NYC

A commercial lease is a contract between a business tenant and landlord that is legally binding. This contract allows you to use the property for certain purposes. For example, business activities for a period of time that is clearly stated. And, of course, in return, you are paying a certain money amount to your landlord. If you are not certain how negotiating a commercial lease in New York City goes, then you are just in the right place.

When negotiating a commercial lease decide for how long you will need the space

First of all, when you choose the location that you would want to rent in Financial District in Manhattan, you must consider many factors. One of them is the length of your commercial lease. In case you have a small business, then two years can be enough. Of course, it will be great if you can get an option to renew your contract. Definitely, this will be the best for you because you will not have to stay for too long if the situation is not what you expected.  On the other hand, if everything turns out good, you can stay longer. Moreover, in case you want to open a restaurant or a cafe, the businesses that are very dependent on their location, perhaps you would want to consider signing a contract for a longer period of time.

A brick wall in a restaurant.
If your business is location dependant, You should sign a contract for a longer period of time.

Be informed on time when negotiating a commercial lease

Before you negotiate a commercial lease in Financial District in Manhattan, you have to be well-informed. Therefore, do not waste your time and start doing your own research on the prices of rent in a certain area you are interested in. Luckily, nowadays you can find out so many things with the help of  the internet. Moreover, if you know some people who are renting business spaces in the area that suits you, do not hesitate to contact them and ask them openly everything that you want to know. Also, you have to be aware of the fact that your landlord can ask you to pay more each year, that is to increase your rent. So, you must be very specific on this thing and clearly state the rent increase you are willing to pay in the next year or a couple of years. When it comes to the security deposit, you should also negotiate the amount and the conditions for its return once you are living the space. All of these specifications should be in your contract.

Pay close attention to possible hidden costs

Importantly, you must pay very close attention to hidden costs. There are two types of leases. The first one is a gross lease and it includes all costs. Secondly, we have a net lease. This second lease requires more costs and not just paying rent. There are numerous commercial leases when a tenant is responsible for the maintenance of a certain space. So, you need to get all information on the costs like these in order to negotiate.

Financial District movers

When relocating to your new business space in Financial District in Manhattan, you should trust people who know the area. No matter if you have in mind moving long-distance or locally, true experts will know how to help you in the best possible way. In addition, experienced moving professionals will make the whole process less complicated and less stressful for you. So, do not be stubborn and avoid trying to do everything on your own, because it can be bad for both your physical and mental health. If you need other moving services and, not just transportation, you should look for a company that also offers storage and packing services.

A look at the sky from the bottom of a skyscraper.
Hire a company to help you move to your new business location in Financial District.

Do not hesitate to ask for certain favorable clauses when negotiating

It is very significant not to hesitate to ask for some favorable clauses when negotiating your commercial lease. Many people are usually asking for a clause that restricts their landlord from renting other units to people who do business that is similar to theirs’. In case that there are some things that should be improved before you move in, you should add that to your contact. This step will make your landlord responsible to arrange everything earlier.

A man signing a contract after negotiating a commercial lease.
Make sure to ask for favorable clauses before yu sign anything.

How to hire a moving company when moving to your new business space

When moving to your new business space in Financial District, you should hire a reliable relocation company for that purpose. So, make sure to use the internet and check out the companies that seem okay to you and that offer all services that you need. First, your company needs to have a license. Secondly, we strongly advise you to be patient enough to carefully read the reviews. The opinion and experience of people who already know them can be of great help. Therefore, see if you want to check out for these experts can be just perfect for you.

Pay special attention to a termination clause when negotiating a commercial lease

Finally, you will have to be very patient and pay close attention to the termination clause. Of course, you would want to add the clause to your contract that allows you to leave the business space earlier in certain circumstances. But, you and your landlord should agree on how early you need to inform if it comes to this decision.