On Tuesday, March 24, 2020, the City of Burien will be offering – in partnership with the Small Business Development Center and StartZone – a workshop dedicated to addressing important topics a small business owner should be aware of as they enter or renew a commercial lease.

Rich Shockley of the SBDC at Highline College will guide guests through understanding the basics of commercial leasing.

This FREE workshop will take place on Tuesday, March 24, 2020 in the Burien City Hall/Library Multipurpose Room (1st floor) at 400 SW 152nd Street from 7—8:30 p.m.

Register online at:
http://bit.ly/2NwQN1R

Leasing commercial space can be a complex process. For a small business owner, the location and lease terms can determine the longevity of their business. Many business owners sign commercial leases without truly understanding the lease and obligation terms.

This workshop is geared towards businesses that are either currently leasing a commercial location, thinking about signing a commercial lease, or renewing a commercial lease, as there are many things to consider and understand about the commercial leasing process.

“During our regular business visits, we heard that rent increases, tenant improvements, and the lack of clarity on lease terms were pain points for Burien businesses,” said Lorraine Chachere, Economic Development Specialist.

Topics that will be explored in the workshop include:

    • How to determine your needs and budget
    • Locating suitable premises (e.g. Online resources, utilizing a broker, etc.)
    • First steps in negotiation of lease-letter of intent/interest (loi)
    • Monthly rent and other costs (e.g. Triple net lease and how it is determined, etc.)
    • Month to month vs longer term leases (e.g. as a means of protection for business owner in the instance of building purchased or bought by another company)
    • Insurance/maintenance (tenant improvements)
    • Term/extensions/options
    • Resources (a handout of a summary of topics discussed with resources for next steps for attendees will be provided)