Looking for a Commercial Space? Let Me Help.

When thinking about leasing a commercial space for your business, it is important to know the ins and outs of the entire process. To help guide you through some key decisions, I have put together some questions that you should ask:

Should I use a broker, or should I be looking for commercial properties on my own?

You should always use a professional broker, when looking for a commercial space. They are useful, not only because they understand the market, but they work on your behalf to maximize savings and help meet your goals. Real Estate brokers, such as myself, are also up-to-date with the latest and greatest listings, to make sure you find exactly what you need. Many commercial properties are not listed on MLS (Multiple Listing Service – used to list properties for sale/lease), so using a reputable expert can open doors not typically known without one.

How long do I need for this process, from beginning to end?

The earlier you start, the better. This will give you time to see multiple properties and find the one just right for you. It will also relieve the stress of having to leave your existing commercial space on a deadline. It will keep your head clear so that you can make the best decision for your business. The more time you have to think about your space requirements, the better. You should plan for a minimum of 3 months, prior to lease expiration.

How much space do I need to lease?

If you aren’t sure how much space you will need, it is a good idea to use a space planner or an architect to determine the right amount. I use a number of architects and space planners to help visualize the optimal amount of space for you. They can also assist in defining the optimal layout of premises for your furniture and employee/department layout.

Should I measure the space myself?

It is imperative that you always verify the landlord’s square footage numbers. Experienced landlords have professional space planners to measure space and provide floor plans. It is also important to understand the difference between rentable/useable square footage. Rentable is space you pay rent on, while useable is the actual space you will be utilizing, plus “gross-up factor,” which is your share of the lobby, common hallways, stairwells, etc.

How do I choose the best location?

Possible elements you may want to think about when deciding on a new location for your business might include; access to public transportation, amenities for staff, zoning by-laws, and parking availability for employees and visiting clients. It is important that your business can operate from your desired location. Further, you should never rely on a landlord’s zoning assurances. Don’t worry – I can handle that all for you. Ensure you are comfortable that your business can operate from the desired location.

How long a term should my lease be?

There are two options when choosing a lease; a short-term lease and a long-term lease. A short-term lease gives flexibility, but will typically have higher rental rates. A long-term lease is less flexible but has lower rental rates with more incentives/inducements offered by the landlord. I can help you decide which lease option is best for your business needs.

Should I verify building systems and infrastructure?

Always ensure there is a clause that requires the landlord to verify HVAC (heating, ventilation and air conditioning), plumbing, electrical etc., prior to taking possession.

Should I have my Insurance Carrier review the lease language?

Yes! It is always a good idea to have a professional review and clarify the insurance clause in your lease to ensure reasonable costs and conditions. I work with a number of insurance professionals who can accomplish this for you.

Should I retain legal counsel?

Always. Leases are typically written by a landlord’s lawyer, so it is imperative that you have someone looking out for your best interests. I work with a number of real estate lawyers who have always had my clients’ best interests in mind.

What is the cost of using a Real Estate Brokerage? 

In the majority of cases, landlords pay the commission of the real estate brokerage – taking the cost out of your hands. Therefore, you can use the expertise and experience of a professional, such as myself, for absolutely free!

If you’re looking for your next commercial lease, please do not hesitate to call me at 416-433-6249, or email me at jeff@jeffwolfe.ca, and we can work together to find you the exact commercial space you are looking for.

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