10-10-2016, 04:22 PM
(10-10-2016, 11:42 AM)BuildingScout Wrote: I've mentioned this here before, as advice to people thinking about starting a business: make sure you sign an automatically renewable lease agreement for 25 years. Big corporations like Starbucks and Subway have pre-made contracts like these. Rent + inflation increases are built in, renewable yearly automatically at the leasee's behest.
This especially applies to location-sensitive businesses such as restaurants and bars. Office space is more easily replaced -- and your needs will likely change anyway.
Do note, though, that a long-term lease at the tenant's option will be somewhat more expensive as the landlord does not have the option of looking for a new tenant (but the tenant has the option to leave).