Leasing a B1 industrial space can be an exciting step for any business. However, it is essential to understand the lease terms before signing on the dotted line. These terms can impact the overall cost and feasibility of a B1 industrial space. The following are crucial lease terms to consider when looking for a B1 industrial space for rent.
#1 Lease Length
The lease length is critical to the lease term for an industrial warehouse for rent or lease. Industrial spaces have longer lease terms than other commercial properties. It often ranges from three to ten years. Longer leases can provide businesses stability and help them plan long-term goals. However, they can also be a burden for companies that need more flexibility or may need to relocate soon.
#2 Rent Escalation
It is common for leases to include rent escalation clauses for a warehouse for rent in Singapore. These clauses allow landlords to increase rent over time. Landlords can base rent escalation clauses on Consumer Price Index (CPI), percentage increases, or predetermined amounts.
#3 Renewal Options
Businesses should also consider the lease renewal options available when looking at a space for a rental scheme in Singapore. Some leases may let them extend the lease for a specified period. They can also renew the lease at the end of the initial term. These options can provide businesses with more flexibility and security in their tenancy.
#4 Maintenance Fees
Another important consideration for a B1 industrial space for rent is the maintenance fees. These fees vary depending on the landlord and the building. However, they typically cover landscaping, public area maintenance, and repairs. Businesses should understand what maintenance fees they will be responsible for and how the landlord will charge them.
In addition to rent and maintenance fees, businesses should also consider the cost of utilities on an industrial warehouse for rent. Depending on the building, firms may be responsible for paying for utilities like electricity, gas, and water. Understand the utilities they include in the lease and the costs businesses may incur.
Understanding the lease terms for a B1 industrial space for rent is critical before signing a lease agreement. It will let firms ensure they get a fair deal and can operate effectively.
LHN Space Portal is an online resource for finding commercial, industrial, and residential property leasing. The website offers details and pictures of the LHN Group’s Singapore rental properties, including warehouse space for rent in Singapore. Each listing includes information on the amenities available at the property and a thorough explanation of the different unit sizes. Visit LHN Space Portal to learn more about the firm and discover a warehouse space for rent near you.