Key Points: Execute a Commercial Property for Lease in Columbus, Ohio
When executing commercial property for lease in Columbus, Ohio, landlords and tenants each have different perspectives and interests. Although no two leases are alike, there are typically a core set of concerns that must be addressed. Before you lease commercial property, as a landlord, consider the following factors and information that should be addressed in any commercial lease.
Include These Top 5 Elements in Your Commercial Property Lease
- Space: The space is commonly referred to as the “demised premises.” This is the street address, as well as the square footage of the available space. This section of the commercial lease should describe parking spaces, too, if applicable. The lease must clearly define these elements to protect both the landlord and tenants.
- Lease Inclusions: A commercial lease should always state what is included in the rental fee that is owed to the landlord. Most are gross leases, meaning it’s all-inclusive in the sense that the tenant pays one sum, while the taxes, insurance, and maintenance is the responsibility of the landlord; however, some leases do vary. Understanding the difference is important and it’s a good idea to outline these inclusions in the rental agreement within the lease.
- Rental Chart: While a commercial property lease will clearly state the rental amount, it should also specify how the rental rate is determined for the entire term of the lease. You can accomplish this with a rental chart. If the rate is expected to increase, the included chart will explain the amount and timeframe.
- Alterations During Tenancy: Commercial leases are often structured long-term, such as five, ten, or twenty years. As the tenant’s business grows, they may need to adapt their rental space. Determine upfront which improvements or alterations they may be allowed to make with and without your approval. It’s also best to layout the process required to obtain such approval.
- End of Lease: Just as you laid out the types of updates the lessor may make to the commercial property for lease, it’s pertinent that you specify which alterations and improvements must be changed back before the contract ends of the commercial real estate for lease.
Provide Key Pieces of Supplemental Literature for the Commercial Real Estate for Lease
Aside from asking the right questions, keep important supplemental literature handy when negotiating a commercial real estate for lease with any prospective tenant. You have made an investment in your commercial property, and therefore, it’s critical that you protect yourself. The more information you can provide, the better off you will be in managing your Columbus real estate property and making the most of your investment. Below are key points that should be thoroughly communicated in regards to a commercial real estate lease.
- Guidelines for the use of the property
- Insurance provisions
- Business plan provisions for any tenants
- Rental instructions for allowing others to use the property
Need Help with Your Commercial Property for Lease in Columbus, Ohio and Beyond?
If you try to lease your commercial property but find the task daunting, consider hiring an expert. With almost 80 years of experience, The Robert Weiler Company has assisted hundreds of landlords with their commercial properties for lease. Our leasing agents utilize advanced tools and ask the right questions to ensure that expectations are met and exceeded. No matter what type of space you have to offer, we can help you find a tenant who will improve your property’s value. From office space for lease and retail space, to warehouse leases and industrial commercial leases, we work with clients in every market.
We can also provide you with property management services, if needed. It can be stressful for a property owner to manage leases, tenants moving in, rent collections and deposits, and in a worst-case scenario, an eviction. With a professional property management team on your side, you won’t have to worry about the day-to-day tasks.
At The Robert Weiler Company, our staff not only has vast experience and expertise in our fields; we also genuinely care about the community and success of the local families and businesses. Call us at 614-221-4286 to find out how we can assist with your commercial property for lease in Columbus, Ohio, or throughout Central Ohio.