You’ve made the decision to look for a Toronto retail space for lease. Now, you’re wondering what comes next. Making the decision to start renting often comes with a few unknowns.
Here’s a few tips on how to approach that Toronto retail space for lease.
Get Some Good Advice
Having a team of professionals that can give you some solid advice is a good starting point. You might want to approach a financial institution to get an overview of your financing needs. A commercial real estate broker is the professional that can actually help you find a good space.
Here’s a few other professionals that can help you negotiate through the details in a Toronto retail space for lease.
- An accountant can be helpful to look at your strategic plan. They can also give you an overview of your company’s financial performance. That way, you’ll know the boundaries of what you should be looking at in a lease. These professionals can be instrumental in giving you up to date financial statements so you can set a budget.
- Once you’ve decided to take the whole process seriously, you should talk to a lawyer. This professional will be able to look at all the necessary conditions in the lease. They are also very helpful if you need to negotiate any of the aspects.
- The lending institution might not need a building inspection. However, letting a professional have a look at the condition of the structure is a good idea. This is a good way to find out if there are any structural issues that will need to be looked at before you sign the lease. If anything gets uncovered, you’ll want to be sure everyone’s responsibilities for fixing the problem are clear.
When you’re looking at hammering out the details in a Toronto retail space for lease, you’ll need to negotiate. Understanding that a lease is usually up for negotiation is critical. Don’t sign anything until you are clear about all the costs. These should include what you might pay for maintenance, utilities and insurance.
It’s also a good idea to make sure everyone is clear on leasehold improvements. You might need to make some physical changes to the layout. It’s important to remember that usually whatever is attached to the building is the property of the landlord.
There’s a lot to consider when you’re going through a Toronto retail space for lease. We can help with properties in Mississauga, Vaughan and Brampton too.