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Many people underestimate the complexity of negotiating a commercial lease. If you plan to negotiate the lease yourself, be sure to do your research using the Internet, the library, and bookstores. Also talk to other people that are familiar with negotiating a commercial lease because they may be able to help you by giving you tips on how to negotiate properly, which will result in a better lease contract for you and your business. Self-Counsel Press also publishes a do-it-yourself kit titled Commercial Lease Agreement.

The lease is one of the most important legal documents you will sign, and it will have the most impact if you ever have to close your business. Even if you create the contract yourself, you will need a lawyer to sign the lease agreement before it is valid. It is recommended that you do get legal advice when making the contract. Another method is to hire a commercial real estate agent. This is a good approach to use as it is at no cost to the lessee.

A commercial lease agreement will consist of price per square foot, length of lease in months or years, property tax per year or month that is generally not included in the price per square foot, and will make clear who is responsible for all repairs to the building. Most leases will also require you to carry general business liability insurance. (For more information about insurance see Chapter 5.) All of these factors will vary from city to city and landlord to landlord.

Note that if you lease in a shopping mall, its commercial lease agreement will also include a clause that states something along the lines such as if you are not open at the same time as the mall opens, you will be fined a monetary sum. There are also many other rules the mall may have in place for businesses.

In considering price per square foot, get an average of other comparable storefronts in the area and go from there. It is similar to buying or renting a house so shop around to compare costs and space.

In considering the length of the lease, look at property values as they usually go up, which means that the lease will also go up accordingly. Signing a five- or ten-year lease may seem overwhelming but just remind yourself that if you locked in at X amount of dollars per square foot for ten years, that is the rate you pay even if property values skyrocket. The only downside to this is if you go out of business and you are locked in to a ten-year lease, you will owe for all the remaining months on the lease. Some landlords offer a sublet option to a third party to pay the remainder, but some don’t. You may want to negotiate a sublet option just to protect yourself if things don’t work out. Also consider whether you want to expand your business in the future. You may eventually need more room, which might be a problem in the current location you are considering.

Locking in for a long-term lease also offers security as you will know that the renovations and advertising dollars spent on this location will not be in vain. When you sign a commercial lease agreement most landlords will offer something called leasehold improvements, which means the landlord will grant you X amount of dollars to improve the space in lieu of paying rent. The standard is three months of rent for this type of agreement. This can be a huge advantage when starting your business and money is tight.

Take this step of the process seriously and have the contract reviewed by a registered lawyer before signing; most agreements are more than 20 pages of legal jargon so they can be hard to understand.