Clearly understand how rental rates will be quoted and what else affects that quote.
When it’s time for you to call about properties you’re interested in, you want to
- decide which ones are worth the time to inspect
- obtain written information and floor plans of the offering.
Part of that call will include asking for some information about rental rates.
Normally, the rate quoted for a lease on commercial property reflects the amount of rent you pay per square foot.
However, you must pay attention to whether this quote is for a monthly rate or an annual rate.
Some markets will quote square-foot prices on an annual basis. These include annual rates for urban office and retail leases.
Landlords and owners of industrial space quote a monthly lease rate.
Rental rates aren’t the only financial concerns to pay attention to.
Other Cost Considerations
One essential question in comparing the final cost of leasing one property to another is, “What are all the things I will be paying for that are not included in the rent?”
Also understand that commercial space often needs to be modified to meet your needs as a tenant. Rarely do the existing conditions of space precisely meet the needs of the incoming tenant.
Landlords anticipate this and are prepared to negotiate the cost of improvements with the tenant. This should play into your comparisons of properties to lease.
Commercial Real Estate Group of Tucson can tell you all of the considerations you need to know when you start asking for information about properties that interest you. Contact the tenant representation company to learn more.
Commercial Real Estate Group of Tucson specializes in representing tenants and corporate users across the United States, Latin America, Europe and Asia as a member of ITRA. For more information call 520-299-3400.