Talk The Talk with Commercial Real Estate
For first time commercial real estate buyers, getting the conversation started can be difficult. As Central Florida’s premier commercial property owners, developers, managers and agents, Harkins commercial knows setting our clients up for success starts with talking the talk.
Here are some important commercial real estate terms you’ll be glad you learned when you begin the search for your business’s new location.
Real Estate Broker – A real estate broker is your helpful Harkins Commercial agent. We’re state-licensed brokers that have expertise in scouting, procuring and negotiating the leases of commercial properties.
Tenant Improvements – Tenant improvements are defined by the tenant for the leased space. You may want to negotiate with the landlord to cover some of these costs. Most landlords operate with a Tenant Improvement Allowance in which they define how much they will spend on improvements.
Gross Lease – A gross lease includes taxes, insurance, maintenance and utilities along with the cost of rent.
Net Lease – With a net lease, you pay your rent separately from taxes, insurance, maintenance and utilities.
Non-Compete Clause – A non-compete clause in a lease ensures that the landlord will not lease to another tenant that is a direct competitor to your business.
Letter of Intent — A letter of intent is an informal agreement between a landlord and tenant. It signifies the tenant wants to move forward with the lease.
Common Area Maintenance – CAM is an extra amount that can be added to monthly payments that contributes to common area maintenance, such as landscaping and exterior lighting.
If you have any other questions about terms you’ll be facing while leasing a commercial process for your new business location, call your Harkins Commercial Real Estate agent today. Well provide you with the tools to go into any lease with confidence.
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