Before you sign on the dotted line of your Alaska commercial real estate lease, you may be in for a round of negotiations to ensure every detail has been accounted for and of course, that you’re getting the best possible deal. But don’t worry if you don’t have much experience with negotiating an Anchorage commercial real estate lease, there are a few points to keep in mind to simplify the process.
Know what you need
It’s best to go into your property search knowing what you actually need and what could be a compromise. Make a list of wants and needs, taking into consideration factors like space, location, parking, even utilities.
Build a team
We’ve shared 5 People You Need on Your Team When Leasing Alaska Commercial Real Estate, so don’t be afraid to ask them for advice when negotiating a commercial real estate lease. Your real estate agent and attorney have navigated many transactions before and will be able to assist with legal advice and terminology you may not be familiar with.
Research the property
As part of your due diligence, you will want to research what exactly the property is zoned for and if there are any restrictions that could negatively impact your business.
If you will need to build-out the property to suit your business, make sure you are clear about what improvements need to be made, who will pay for them, and if the space needs to be reverted back to its original state should you move to a new property.
Timelines are a major factor in any real estate transaction and should be carefully planned and considered prior to signing any documents. For instance, when will your build-out be completed? How long is your new lease? What happens if you need to move before your lease is up? Are there shorter lease options that would allow for more breathing room? These are all questions to answer and work out in the negotiating process.
Contact Northern Edge Commercial Real Estate for more information on available properties in Anchorage or the surrounding area or with any questions you have about investing in commercial real estate this year.