Once you have decided on a commercial property you want, making an offer is the next step. Take a look at our guide on making an offer on a commercial property as a tenant.
When you have found the property that meets your business needs, and you’ve undertaken a comparison of prices in your chosen location, you are ready to submit an offer. This is usually submitted via your surveyor to the landlord’s marketing agent.
The landlord’s agent is required by law to forward your offer for the landlord’s consideration. The agent will then be able to confirm your offer in writing to their client.
If the landlord accepts your offer, it would be wise to ensure that the property will no longer be offered for sale and the landlord will not negotiate with any other party on the property. This is called a lockout agreement (please refer to ‘Exchange of Contracts and Completion’ section).
If your offer is declined, try to negotiate further to build a mutually acceptable agreement. Identify the key markers for the landlord. It might not just be the price. The ability to complete a transaction in a given time-frame will often tip the balance in your favour.
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