What Questions do you ask your Broker?

When searching for a commercial or retail building for lease, your broker can play a crucial role in helping you find the right space for your business. Here are some important questions to ask your broker to ensure you make an informed decision:

• Location and Accessibility:

  • Is the property located in a high-traffic area?

  • What's the proximity to major roadways, public transportation, and other businesses?

  • Are there any future development plans or construction projects that might affect accessibility?

• Zoning and Permits:

  • Is the property zoned for the type of business you plan to operate?

  • Are there any restrictions or regulations that might impact your business operations?

  • What permits or licenses are required to operate in this location?

• Space and Layout:

  • How much square footage is available, and is it suitable for your business needs?

  • Does the layout of the space match your business requirements?

  • Are there any limitations or modifications you can make to the space?

• Lease Terms and Costs:

  • What is the base rent for the property?

  • Are there any additional costs such as common area maintenance (CAM) fees, property taxes, utilities, or insurance?

  • How often does rent increase, and how are those increases calculated?

  • What's the length of the lease term, and are there any options for renewal?

• Tenant Improvements and Build-Out:

  • Are there any tenant improvement allowances or build-out options?

  • What is the process for requesting and executing improvements to the space?

  • Are there any restrictions on modifications or renovations?

• Tenant Mix and Competition:

  • Who are the neighboring tenants, and do they complement or compete with your business?

  • Are there any exclusivity clauses that prevent similar businesses from operating nearby?

• Parking and Amenities:

  • Is there adequate parking available for your customers and employees?

  • Are there any shared amenities such as restrooms, common areas, or outdoor spaces?

• Lease Termination and Assignment:

  • What are the terms and conditions for terminating the lease early if needed?

  • Can you sublease or assign the lease to another party?

• Security and Maintenance:

  • What security measures are in place to protect the property and your business?

  • How is maintenance and repairs handled, and who is responsible for costs?

• Market Insights:

  • What is the current market condition for commercial or retail spaces in the area?

  • Are there any trends or changes that might impact your business in the future?

• Negotiation Strategy:

  • How can you work together to negotiate favorable terms with the landlord?

  • What strategies can be employed to get the best deal for your business?

Remember, effective communication with your broker is key. Be clear about your business needs, budget, and any specific requirements you have for the space. This will help your broker identify suitable options and negotiate on your behalf.