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Why you should start the hunt for your new commercial property lease early

By Greg Bell

The process of leasing a commercial property in the Gold Coast can take a little longer than renting a residential one. Whether you're looking to move, open a new branch or create a business space for the first time, it pays to start the search as early as possible.

Here's why renting a commercial property can be a slow process.

Location, location, location

Finding the right location can take longer than you might expect; give yourself enough time to find the best spot. It needs to work for you, and for your customers.

Unlike in residential letting, if your location isn't right, it's not just an inconvenience. You'll also lose income until you can get out of your lease.

Getting the specifics ironed out

Even when you've found the property you want, it can be some time before you actually get the keys. A commercial property lease is open to negotiation, more so than a residential property. Rather than assuming it's as simple as finding the property, signing the lease and moving in, you should factor in some time for negotiations between parties. It may take a bit of back and forth communication to agree on changes or insertions.

Have a qualified solicitor run you through each clause to ensure you fully understand what you are signing. A property lease is legally binding, so it's important to know your obligations before it's too late to change your mind.

Planning for a fit out

With commercial property, it takes more than just packing your belongings and moving them in. Even if you have all the furniture and equipment you need, whatever your business, you need to get the space set up before you can get started with operations. A retail leasing may need completely redecorating, fixtures and fittings may need to be added or removed, and at the very least you'll need everything out of its packaging and organised sensibly. 

The process of getting business-ready can take anything from a few hours to a few months and you need to factor in this time when you start making plans for a new location.

Ray White Surfers Paradise are experts in commercial property. Contact our experienced team today to get your search underway.

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