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Dale Willerton
Jeff Grandfield
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Published:
April 29, 2013

Negotiating Commercial Leases & Renewals For Dummies

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Overview

Negotiate commercial leases and renewals like a pro

Renting space for businesses and navigating a commercial lease can be a daunting task for those without expertise, as errors or oversights can cost thousands of dollars. Thankfully, Negotiating Commercial Leases & Renewals For Dummies takes the mystery out of the commercial leasing process and offers expert tips and advice to help small business owners successfully negotiate their leases???without losing their cool, or their cash.

From one of the industry's most respected and experienced consultants, Negotiating Commercial Leases & Renewals For Dummies provides tenants with tips and advice on finding the best location and amenities for a business; understanding space needs and maximizing lease space; ensuring fair operating costs and keeping rent fees at a manageable level; minimizing the deposit requirement; mastering and executing negotiation strategies and tactics; and much more.

  • Discover the rights and responsibilities associated with commercial leases
  • Find out how much negotiability and flexibility you can expect in commercial leases and renewals
  • Get to know which laws protect you and your business

Negotiating Commercial Leases For Dummies is essential reading for the more than 10 million business owners, entrepreneurs, retailers, restaurants, doctors, and franchise tenants who lease commercial, office, and retail space across North America.

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About The Author

Dale Willerton and Jeff Grandfield are The Lease Coach, America's #1 authority on lease negotiating for commercial, retail, and office tenants. In 1993 former shopping center manager Willerton switched sides to work exclusively for tenants. Both authors frequently speak at industry trade shows, franchise events, healthcare conferences, universities, and business networking events throughout North America.

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negotiating commercial leases & renewals for dummies

CHEAT SHEET

Knowledge is power, they say, and it's as true in commercial lease negotiation as anywhere else. Landlords deal with leases all day long — they have the knowledge. Many tenants are unskilled in what and how to negotiate leases and may be uninformed about the details of their lease, even if it's a renewal. This lack of knowledge can come back to haunt them in numerous ways.
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Just as it's important to include certain key terms in your lease, you must also be cautious about what terms are in the lease to begin with and how they may affect you. You may want to remove or adjust some of the following items: Holdover: This provision indicates how much the landlord can increase your rent should you stay past any expiration date of your lease.
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When you're negotiating your commercial lease, there are a few things that should absolutely be in there. Including all of the following items in your lease is strongly recommended: Corporate entity: If you've formed a separate corporation for your business, it is critical that this entity be identified as the "tenant" in all documents.
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Many tenants have preconceived notions regarding a lease renewal or how they typically work, and quite often these ideas are inaccurate or completely wrong. Some commons misconceptions include: Exercising the option: Tenants often assume that you must exercise the renewal option in order to renew the lease. You absolutely do not have to exercise your option to renew, and in many cases you don't want to exercise your option because it limits what you can negotiate on for your renewal term.
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Knowledge is power, they say, and it's as true in commercial lease negotiation as anywhere else. Landlords deal with leases all day long — they have the knowledge. Many tenants are unskilled in what and how to negotiate leases and may be uninformed about the details of their lease, even if it's a renewal. This lack of knowledge can come back to haunt them in numerous ways.
Read More
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If you're thinking of starting your own business, or if you're getting ready to change locations for your current business, you're probably anxious to get out the door and start looking at some properties. But rushing into a new location is one of the worst things you can do. You might get incredibly lucky and end up in the right place with the right lease terms — but you're more likely to land in an unsuitable location or sign a lease whose terms will make you miserable for the next five years.
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