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8 Tips for Leasing Commercial Real Estate for Your Businessby Marcus N. Daniels

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Work with a commercial real estate agent

Tip #1

At NAI Michael, our commercial real estate agents are local market experts that can help you identify the ideal space to lease for your business. Our agents will help you:

• Identify spaces that you would not find on your own

• Pick a property with the right demographics

• Secure concessions from the landlord

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Give yourself enough time

Tip #2

There are many factors that can affect the success of your business so be sure to research everything before you lease commercial space. Give yourself six months to a year to navigate through the entire process, from site research to lease negotiations.

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Select a location that’s right for your kind of business

Tip #3

Selecting a commercial location for your business is one of the most important decisions you will make. While the nature of your business often determines your specific location, it is wise to have an idea of what general area you want to locate your business and research demographics and traffic counts.

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Analyze the competition

Tip #4

Finding a good location without competition is close to impossible. NAI Michael agents can help you identify locations with complementary businesses nearby or with competitors from which you differentiate yourself.

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Calculate your costs

Tip #5

The sticker price alone doesn’t account for the total cost. At NAI Michael, we research all associated costs for leasing space, including utilities, taxes, common area maintenance, condo fees and more.

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Vet the building and the landlord

Tip #6

Real estate agents have valuable experience with local buildings, and often know their landlords’ reputations. Talk to our agents to ask them questions about the area, the space, the landlord, and other things you need to consider as a potential new tenant.

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Verify the site’s zoning

Tip #7

Be sure to verify with your commercial real estate agent that your business’s use is permitted by the site’s zoning. Many properties have potential overlay zones or enterprise zones that can affect permitted uses and business taxes.

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Conduct a comprehensive search

Tip #8

Commercial properties, such as retail space or office space for lease, are often advertised in online in searchable databases.  However, these online lists are typically very limited, and only include a small sample of the total available spaces.  Our agents at NAI Michael can put together a comprehensive search that includes all available spaces in the market, plus properties that may not be listed.  This ensures that you have the whole picture when making a decision for your business.

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Have more questions about leasing commercial space for your business?

Contact Marcus Daniels at NAI Michael today to learn more about leasing opportunities and available properties. We are commercial real estate experts in the Washington DC region.

Email Marcus at mdaniels@naimichael.com with your questions or call (301) 459-4400

About MarcusMarcus N. Daniels is an Associate with NAI Michael that focuses on serving the religious and non-profit sectors of the commercial real estate industry. Prior to joining the NAI Michael team, Marcus managed community development lending at Harbor Bank of Maryland.

Marcus is the founder of the Maryland Community Development Corporation, an emerging community development financial institution that provides technical assistance and capital solutions for small businesses and community-based organizations.