Many small, medium or big businesses seek to lease space in malls, either to start a business, relocate or even open new retail branches. Therefore, it is important to understand all steps involved in the commercial leasing process and discover how you can rent a retail space within a mall and avoid legal problems revolving around contracts. The following are the steps that should be followed whenever one is interested in renting retail space in a mall.
- Decide your Budget
Before advancing to any level, it is significant that you decide the budget within which you are going to work based on different factors such as the size of your business, the revenue created and so forth. Retail space in many malls is charged per square foot, therefore, determining your budget prior to the lease will guide you to engage in choosing a business space that you can afford.
- Look for the Preferred Mall and Retail Space
In this step, you are required to search around in different malls, compare and contrast for you to get the space that can be appropriate to your type of business as well as one that falls within your budget.
- Contact the Property Agent or Landlord
Here you can either contact the landlord and the leasing agent by yourself or you can sign an agreement with a tenant agent to represent you in the process. When communicating with the agent and landlord, it is advisable that you inquire more about the length of the lease period, the changes you are allowed to make in the leased space, the turnover of tenants and even the flow of people within the mall.
Also at this point, if you are convinced by the answers given and the terms and conditions of the landlord or the leasing agent you can go ahead and negotiate even further the terms of leasing after selecting the space you want.
- Contact a Property Lawyer
In a lease document, there are law clauses that you may not understand well. This is why you may need to hire a property lawyer to explain the clauses to you in a clear manner lest you land in trouble. Also, the lawyer can help you to carry out any legal requirements that may be included in the lease document. After the lawyer goes through the entire lease and declares that it is correct and in line with the law, you can move to the next step.
- Submit the Lease Application to the Landlord or Agent
This is the final stage of renting a retail space in a mall. Once you have submitted your application to the landlord and paid the required amount, the landlord will approve it in case it meets all the terms and conditions set. After the landlord’s approval which may be through a leasing agent, you can go ahead and begin to modify the space if necessary, arrange your stock and even place advertisements to inform potential customers of the existence of your business within the mall.
In conclusion, acquiring retail space within a mall can be involving and expensive. Nevertheless, one must always ensure that the process is well carried out and abides with the law. Also, it recommended that you seek to understand the entire lease document before signing it or even paying any amount of money.