A Guide to Find Appropriate Mall Space for Lease

If you are looking for mall space for lease then you need to keep many different things in mind so as to get the most affordable rates and also safeguard your interest. Our aim here is to provide you with some guidance on how to locate the right retail property which meets all your requirements.

Finding Right Mall Space

Fixing the Terms

After you locate the right mall space the next thing to do will be to talk about the agreement’s terms and have a discussion regarding the rent that is to be paid. You will have to go through the agreement to make sure any unexpected rise in rent amount is not possible within the scope of the agreement.

These sudden rent increments can have serious effect on business capital and hence need to be prevented.

Talk about Different Expenditures

If any particular mall space has been finalized then you will have to start discussion on different payments that are to be made. A simple example of such expenditures would be the cost of maintenance of various shared facilities.

The agreement for the lease should point out whether the property owner will pay for such expenses or will it be your responsibility. The agreement for mall space for lease should also make it understandable that there are no hidden charges which are to be borne.

Cost of Maintenance

There are different types of maintenance costs and it should be apparent who is going to pay for such costs. Normally, it is seen that the task of maintaining air conditioning as well as plumbing system is for you to bear. The owner has to take care of other duties like general maintenance as well as repairs. You will have to thus get clear information in this regard before moving ahead with the lease agreement.

Lease Document

Before moving ahead with finalizing the lease what you should do is consult your lawyer. The benefit will be that the lawyer will thoroughly check it and let you know in case there are any caveats which can be cause for trouble in future.

Lawyer will be the right person to verify that the agreement has no clauses which are against your interest. Another thing you should discuss with your lawyer will be inclusion of add-ons in the lease agreement which have the function of protecting your business interest.

As example of such add-on clauses is the exclusivity clause which debars owner of the property from leasing out any part of the property to any of your competitors. You should discuss with your lawyer about the possibility of adding such a clause in your lease agreement which can help to safeguard your business interest.

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