Help with my first commercial lease
Hey BP Nation,
A friend of mine reached out to me and want me to represent him as his real estate agent when trying to rent a suite in a brand new commercial neighborhood mall. He is a doctor and wants to start his own clinic, and has found a location he is interested in. I have talked to my friend and asked him how long he plans to stay there for, he is ok to start off with a 5 year lease with options for another 5 years, but mentioned that if possible, he would not mind consider a shorter lease as long as the price stay the same as the 5 year lease.
I have never done a commercial lease transaction before, and am therefore reaching out to your brains and knowledge.
I am going to call the landlord's agent and ask him about more information. What questions should I prepare for the call?
So far, I am planning to ask the agent these questions:
- 1.What Type of Commercial Lease is Being Offered?
- 2.We are interested in around 1500 sqft.
- 3.How much will rent be per sqft?
- 4.What is the minimum years of the lease contract for this price?
- 5.What services are included in the CAM fee?
- 6.What fees are subject to the lease?
- 7.How much will the landlord put in as finishing costs for a doctor clinic?
- 8.Are the Terms of the Commercial Lease Negotiable?
- 9.What Insurance Coverage Does the Lease Require?
Am I missing any important questions?
Looking forward to your replies!