Finding the perfect space for your business can be a daunting task, especially when considering location, budget, and zoning requirements. If you’re a business owner searching for small commercial spaces for rent, the Portage Metropolitan Housing Authority (PMHA) offers accessible commercial leasing options to meet your needs. Learn more about commercial leasing as our experts walk you through the basics of how commercial leasing works and the benefits it can offer your business.
What is a Commercial Lease?
So, what is the purpose of a commercial lease, and what do these agreements usually look like? To begin, a commercial lease is a binding agreement between a landlord and a tenant that allows the tenant to use a property for business purposes in exchange for rent. Unlike residential leases, which are tailored for living spaces, commercial leases are designed to meet business needs, offering greater flexibility in layout, usage, and lease terms. Commercial leases often allow tenants to negotiate terms such as renewal options and property modifications, ensuring the agreement aligns with business operations.
The different zoning types used for commercial properties include office, industrial, mixed-use, special district, retail, and multifamily. These zoning types determine the permitted activities on a property and help businesses comply with local regulations. Whether you’re seeking an inexpensive office space or cheap small buildings for rent, understanding these distinctions ensures you make informed decisions and are prepared to meet the specific requirements of a commercial lease.
Terms in a Commercial Lease
A commercial lease typically includes key terms such as:
- Lease Term: The length of the agreement, could range from a few months to several years.
- Rent: The monthly or yearly payment amount, often determined by square footage and location.
- Security Deposit: An upfront payment to cover potential damages or lease violations.
- Use Clause: Specifies how the tenant can use the space, ensuring compliance with zoning laws.
- Maintenance Responsibilities: Outlines which party is responsible for repairs and upkeep.
For businesses seeking an affordable rental space, understanding these terms ensures you get the most value from your leasing agreement.
Benefits of Leasing with PMHA
In addition to collaborating with local partners to provide affordable residential housing and programs to fulfill the needs of our participants, Portage Metropolitan Housing Authority also offers a range of advantages for business owners interested in exploring commercial space opportunities:
Lower Upfront Cost
Building a property from the ground up can be very costly, especially for a small business. Exploring options for rental space for small businesses with leasing through PMHA allows you to move into a fully operational space without the high costs of construction or property acquisition.
Greater Flexibility
Leases typically last a year with options for longer terms, giving you the flexibility to adapt as your business grows. If your needs change, you aren’t tied down to one space indefinitely. Additionally, we often work with businesses to negotiate renewal terms to ensure commercial leases align with business goals.
Decreased Liability
When you lease with PMHA, we handle the responsibility of building maintenance and structural repairs. PMHA ensures that essential building functions, like plumbing, electrical systems, and structural integrity, are regularly maintained to provide peace of mind and help your business reduce downtime caused by facility-related interruptions. This allows you to focus on running your business rather than worrying about facility upkeep.
PMHA Leasing Process
Leasing a commercial property through PMHA is a straightforward process designed to simplify your property search experience:
- Visit PMHA’s Commercial Property page to learn more about leasing opportunities.
- Fill out the Commercial Space Application form if you’re interested in leasing an available space.
- Gather required documentation detailed on the application form, such as Federal Income Tax Returns and business licenses, to expedite the application process.
- Contact PMHA for additional information and personalized assistance to address any questions about the application process.
- Schedule a tour of the space to ensure it meets your business needs and expectations.
- Review the lease terms to understand your obligations and rights as tenants.
- Sign the lease agreement then enjoy your new commercial space!
Currently Available Commercial Space
PMHA currently has a commercial space with office zoning available at 223 W Main St Suite in Ravenna, the seat of Portage County located at the heart of Northeast Ohio. This 103 sq. ft.space is ideal for a business that requires a small affordable office rental space. Get more information about PMHA’s commercial space opportunities.
Contact PMHA Today!
Ready to find the perfect affordable rental space for your business? Portage Metropolitan Housing Authority (PMHA) is here to help you navigate the process and secure a space that meets your needs. Contact us to learn more about commercial leasing opportunities through PMHA.