It’s not that I am suggesting not waiting because Commercial Real Estate Rental rates have been going up, although it could be another reason not to wait. It is because sometimes the commercial leasing process takes longer than we might think it should.
Now of course anyone that has been in business for any length of time knows of course that leasing a commercial property is nothing like simply renting an apartment of course but, sometimes the commercial leasing process takes a lot longer than we would expect and I believe it is good to be prepared it case that happens.
I am currently working on a commercial lease that is taking about twice as long as I would expect, just a simple vanilla shell retail space that took over 2 months just to get from the initial LOI to signing the lease.
And I can’t really pin the blame on anyone in particular, it is just the way it has worked out in this case. I think I may be the only one involved in this lease that has not gone on vacation or at least been gone for a long weekend or two in the past couple of months.
It is hard to schedule meeting to negotiate terms for a commercial real estate lease when there are so many parties involved with different individuals being away at various times.
It has taken a lot longer than my client thought it would, but he was also away for a week during this time.
My point is this time of year when there is a better chance of key people being unavailable it is a good idea to be prepared in the event the commercial lease process you may have thought would take 3 months to complete may take 6 months so be prepared just in case, don’t wait until 3 months before your current commercial lease is up to start your search for your next commercial real estate to lease.