Tips for Finding Commercial Retail Space for Lease in Mumbai

Commercial retail space for lease

Finding retail property to lease in Mumbai seems like a difficult task to a layman. Not so, however, in case you take the help of a professional real estate agent. Real estate agents have latest knowledge about the happenings in their field and are up to date on information about the retail spaces to be given on lease or rent.

It is also essential for the concerned individual to be aware of what are the essential steps involved in commercial leasing of space. A broad idea of the steps is given below:

Ascertain your requirements: This will be based on the number of people working in the office, future expansion plans and the type of work involved and so on. This factor will determine the total area needed which has to be defined in terms of carpet area as well as built up area.

Decide the location: The location has to be decided depending upon the convenience of the employees and the maximum amounts that can be set aside for the purpose. If the specific location cannot be obtained within the affordable limits then even the alternative options have to be thought of.

Shortlist Property: Suitable commercial retail space in Mumbai can be shortlisted after considering several factors like external condition of the building as well as the state of the interiors, availability of parking spaces, other occupants and overall cleanliness of the area.

Negotiations: After the final selection, next come the negotiations which will determine the best deal for your commercial retail space for lease. Details such as the base rent, date of commencement, options of renewal and termination, parking spaces, security deposit amount, permission for leasehold improvements etc will have to be confirmed.

Hiring real estate lawyer before finalizing lease agreement: A real estate lawyer can go through the lease agreement before you sign the dotted line. This ensures that you don’t get into trouble for not understanding the legal jargon. Finally, you handover the deposit and other amounts and move your office in the new premises.

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