Updated about 2 years ago on . Most recent reply
Ideas for commercial space for lease
Hey BP Fam,
Im looking for some creative options to lease a commercial building I would like rent for on a long term lease. I will need some build out time approx. 30-60 days and would like to have rent reduced or make no payments until the renovations are completed. The building is about 15,000 square feet and I need about 6-8 months before I can start making any funds on the property. Mainly because I have to pass inspection from the accrediting body prior to staring the business in the front portion of the building approx 3000 sqft. If we pass inspection and everything goes well I would be looking for a 10 year lease, with another slow progression on rent until we finish the remaining portion of the property. If you have any insight or ideas for the structuring of the lease, I would love to hear you feedback. Thank you
Most Popular Reply
If I was a landlord I would ask for two months deposit plus first months rent upfront to show your commitment, then rent to start 4 months from lease signature. 3% escalations a year and an option to renew for another 10 years assuming all rents were paid on time. 4 months puts the pressure on you to work full time to get the place where you need it to be. What kind of improvements are you putting into the property?