first time looking for a commercial lease
This is my first time trying to find a commercial lease for a small business. I don't have a tenant rep, and the broker for the space I like very much offered to be my dual-agent. Is this an ok move? This lease is $5k/month all-in.
Here were some of the questions I need to answer, and since I have no experience, I feel ungrounded:
- Lease term - I am thinking 3 years, is that too short?
Personal Guarantee - since this is my first business, I need to PG. How much PG is appropriate? Is 6 months of rent acceptable? Or should I be committing more like a year? Are terms for burnout typical?
TA budget - we don't expect to do a huge overhaul of the space. Probably just painting, and removing some junk off the wall, replacing the door lock. A number off my head is 5k, but is it valid to ask for more?
Rent abatement - how many months of "free" months, including/excluding construction is typical?
Your inputs are really appreciated. Please let me know if I'm missing any important questions.