A recent article in the Denver Post, the issues of leases in Cherry Creek Mall was discussed. The biggest thing in the article that was a surprise to this Denver small business attorney was that landlords in the area aren’t negotiating for lower leases although there is a lot of empty space. After further reflection though, this actually isn’t as big a surprise considering the area is a hot spot where people go to shop, eat, and be seen. Although the spaces may be empty right now, as soon as the economy picks up it will probably come back quite quickly and since leases are for longer terms than the economy will (hopefully) be down, not wanting to get stuck in a long lease as a landlord isn’t surprising.
So how do you as a small business owner find the best lease for you? First, location is everything. While landlords in Cherry Creek North may not want to negotiate, there is a huge chance that landlords in other areas do. You should ask your broker what areas are having tougher times getting tenants because landlords may be more likely to negotiate (although from the Denver Post article that isn’t true in Cherry Creek North). Second, having the right people working for you is great. Your broker should work only for you and not for both parties and should be able to negotiate terms for you. Third, have your contract reviewed by a Denver small business attorney such as myself. Your Denver Small Business lawyer will be able to find hidden issues such as renewal options, liability and insurance issues, and other clauses that may make the lease less desirable.
If you have any questions about a lease you are thinking of signing, call me Denver Small Business Attorney today for help at 720-258-6647.