It can be difficult to understand how commercial lease rates work when you are looking to lease a commercial property. Since every situation is unique to every other, it may be confusing when you are comparing multiple properties to lease. It is essential to understand the factors that are associated with this, such as the current market, the size of the property, and what the preferences of the landlord are. Chang Legal is here to help you recieve a better understanding of commercial lease rates and what to look for when you may be considering leasing a commercial property.
Rates Per Month Or Year
When you lease a commercial property, there are many similarities as you would lease a residential property, such as fixed monthly or yearly rates. Monthly rates may work as simple as $2.00 for every 6,000 SF, which would be around 6,000 dollars per month. However, many landlord use a fixed yearly rate when leasing a property, such as $25 for every 6,000 SF, which would be around 100,000 dollars annually.
Gross Lease
In a gross lease, most of everything is all included within the fixed rate of the lease. This means the renter will not need to pay any of the maintenance, insurance, taxes, or any other type of fee associated with the property.
Triple Net Lease
In a triple net lease (NNN), the renter will usually have to pay a lower based rate for the property, as well as pay for all the fees that may come with the property. This includes maintenance, insurance, taxes, and any other type of fee that may come with the property.
When you are looking for a commercial space to rent, it is essential to know all of these things and knowing what you are responsible for once you sign the contract. It is crucial to contact a real estate attorney, such as us at Chang Legal, to ensure you know all the details associated with the lease. To learn more and how we can support you through your real estate questions or concerns, contact Chang Legal today.