Why should I have a real estate broker represent me?
Leasing a commercial property can be a complex task. A tenant will need guidance through the process from an expert in the industry and area. Additionally, the landlord will most likely have an agent representing him, looking after his best interest. A tenant needs an agent to represent him and negotiate the best terms. Here is a summary with the top reasons to have an agent when leasing a warehouse:
Tenant Rep Works for you
You will have access to more properties
It will save you time and money
You get added negotiation power
Lease Term can be confusing
You’ll get exactly what you need.
Team of resources at your disposal
You don’t have to pay for the service
Who pays the real estate commission?
In the Miami Dade Industrial Real Estate Market, the landlord will be responsible for paying the commission for both the landlord and the tenant’s agent. The percentages vary by building and landlord. This helps the tenant to have proper representation.
There are some instances when the tenant might be responsible for the real estate commission. For example, the tenant’s requirement might be very unique and the only property that works is off-market. If the owner of that property is not paying a real estate commission, the tenant will have to pay the agent. The agent should notify the tenant of this during signing of a representation agreement.
What do I need to lease a warehouse in Miami?
To lease a warehouse in Miami, a tenant will need the following requirement:
1. Have a registered company with the State of Florida
a) This can be done at www.Sunbiz.org
2. Minimum two-month security deposit. Higher deposits can be required by landlords if it’s a new company.
3. First Month rent
4. Liability insurance certificate. According to landlord’s requirements.
Most landlords will also have a business application to complete before approving a tenant.
How long are industrial real estate Leases?
Leases for Industrial properties range from three (3) to five (5) years. Companies that require numerous improvements to the space such as: refrigeration, air conditioned warehouse, excess offices, and others, usually do leases for seven (7) to ten (10) years. It all depends on the landlord and the terms of the lease.
Can I end the lease if I need to move to a larger space?
In most cases, the lease cannot be ended. Landlord of warehouses spaces in Miami will not allow an early termination of the lease agreement.
However, if there is less than a year left on the lease and there is a stronger tenant interested in the space, the landlord might agree to end the current lease. This doesn’t mean the current tenant will not have to pay a penalty for early termination.
What is an Industrial Gross Lease?
When an Industrial Gross Lease is quoted, it reflects that the landlord is responsible for Property Taxes, Property Insurance and CAM (Common Area Maintenance).
What is a Triple NNN lease?
“NNN” in front of a lease rate indicates the rate quoted is separate from property taxes, property insurance and CAM (Common Area Maintenance). In this base the lease rate will be broken down in base rent + property taxes + property insurance + CAM.