4 Ways to Prepare Yourself to Sign a Medical Office Lease – What to Know

When looking for commercial space, you want one that addresses all your needs to run your business smoothly without hiccups. However, before you can get to use that space, you’ll need to sign a lease or a contract. With how complex some leases can get, you’ll find yourself doing plenty of research and preparations before confidently signing one. Of course, once you’ve signed the contract, that’s it, you’re in for the ride. 

Here are four things you can do to make sure that you are well-prepared and confident going into a lease:

1. Know the Consequences of Breaking the Contract

One of the most important things to realize when getting into a contract is to figure out what the consequences are if you break it. In most cases, breaking them is very expensive, and unfortunately, there are some circumstances that you’ll have to break it. 

For example, if your business isn’t performing well, you might have to end the contract early to avoid losing any more money. Because of that, you need to find out if you’d be able to cover the expenses of getting out of the contract. If you cannot, then you must negotiate with the owner to ensure both parties are satisfied. 

2. Determine the Length of the Contract

Miscalculating how long you need to lease the commercial space can be incredibly expensive. For one, if you need to use the place for much longer than expected, renewing the contracting would cost you more money than if you would have made a more extended contract in the first place. At the same time, if the contract is too long, then you’re just plain wasting money. Of course, you can still negotiate with the owner about this, trying to lower the price if you are trying to lease for the long-term.

3. Run a Background Check on the Owner

One necessary research you’ll have to do is not on the venue itself but the owner. The last thing you want to deal with is to get into a contract with an owner that has a bad reputation and trust issues, which could be detrimental to the performance of your business. 

With that said, you’ll need to do a background check on the owner, rummaging through public records to make sure that the person you’re working with has a good rep. In working with an owner that has a good reputation, you give yourself a better chance at negotiating and working in a place that suits your needs perfectly.

4. Answer Location-Related Questions

Do you expect many clients to visit your building? Is it convenient for them to reach you if they need to? Does the location help enhance the productivity and efficiency of your business? Are the nearby amenities a great plus to your employees? 

By asking these questions related to location, you can ensure that you select the venue that satisfies most, if not all, of these requirements. Being next to a coffee shop and near a public transportation stop, for instance, can add to a positive experience for you, your employees, and your customers. You don’t want to end up getting into a contract with a place that gives your customers a headache trying to reach you, nor you when you’re trying to get to work.

Put efforts into listing down your needs, with as many details as possible, and hunt down the venue that satisfies your needs. That way, can you confidently sign a lease, knowing that you’ve made the right decision.

If you’re looking for a new medical office sublet in NYC to move into, get in touch with us to see how we can help.