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Month: February 2017

What You Need to Know Before Leasing Commercial Real Estate

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When leasing commercial real estate, one of the biggest mistakes people make is committing to a lease without understanding the terms.

The most common types of lease agreements and terms include:

What You Need to Know Before Leasing Commercial Real Estate

Unlike residential real estate, commercial leases do not follow standard terms. Tenants are responsible for negotiating the terms of their lease agreements.

Tips to consider when negotiating a lease:

  • Protect your interests by hiring professionals. A commercial real estate broker can help negotiate your lease terms, including the addition of certain clauses like early-termination terms, sublease rules and assignability (transferring your lease to someone else). Have a real estate attorney review your lease before you sign it.
  • Understand costs and fees up front. Most leasing costs are calculated per square foot. However, depending on the type of lease you have, additional costs—like property taxes, insurance, utilities, trash collection and CAM costs for shared areas like courtyards and entryways—might be included.
  • Find out what amenities are included. Amenities can make a big difference in what location you choose to lease. Ask about basic amenities (like wiring for high-speed Internet, shared versus private bathrooms and central air) or unique bonuses (like fitness rooms, special partner discounts and security systems).
  • Negotiate the length of your lease. Landlords typically favor longer lease agreements, but shorter, 1- to 2-year leases with options to renew give tenants the flexibility to reevaluate how things are going financially after their leases are over. Consider your company’s future growth, and find out your options for expanding in that location.
  • Discuss signage rules. Ask what rules and options are in place for your business signage.
  • Know that you’ll likely have to sign a personal guarantee. Most landlords will do a personal finance check and require tenants to sign a personal guarantee, saying they are liable if the business isn’t able to pay the rent.

Amata Realty Group can help!

If you’re searching for a new space, expanding or renegotiating a contract, contact Amata Realty Group. Amata Realty Group uses its market expertise to match tenants with office spaces and services that meet their needs. Don’t hesitate to contact us when you need help!

Sources

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Cybersecurity for Attorneys

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Cyber security firewall interface protection concept. Businesswoman protecting herself from cyber attacks. Personal data security and banking

Today, cybersecurity is a large problem for small to midsize businesses- particularly law firms. Securing IT speaker, David Myers, presented to Amata members Cybersecurity for Law Practice. Although, it may be easy to over look cybersecurity threats, it is important to know the 5 Myths, Threats, and Things you can do for your law practice.

5 Myths

  • I’m Not a Target: No matter what size your business is never doubt that your business is immune because your data may be valuable.
  • I’ve Got Antivirus: I’m Good: An Antivirus alone is not enough- you need a layered defense form which includes an antivirus, antimalware, spam filtering, gateway antivirus, backup solution, and etc.
  • External Hackers are my Primary Hackers: Incorrect, your hackers can be anywhere including the office you work in.
  • Cybersecurity is an IT Issue: Incorrect, this is a business issue that can not be pushed off to the IT person.
  • I’m a Lawyer: You have to think of yourself as a business owner serving your clients. You possess valuable information and hold information making you likely to be a target.

5 Threats

  • Ransomware: A piece of malware that locks your data until you pay a ransom. Then your data will be unlocked; however, it is not guaranteed you will get your data back.
  • Phishing: A fraudulent practice to obtain personal information. Internet of Things Threats: The “other” technology that may seem small but a group of malicious hackers can use that to attack you without knowing.
  • Your Users: Be sure your users understand the risk when storing information or accessing information.
  • Regulatory Pains: As the government regulates cybersecurity, more policy and fine increase compliance will increase as well.

5 Things you can do

  • Know you Data/ Regulatory User: Understand the data that you are holding and what regulations apply to you.
  • Encrypt your Data: This is easy and FREE on modern operating systems. This essentially “scrambles” your data so others who get ahold of your information may not understand the encryption.
  • Cyber Liability Insurance: A new type of insurance policy, so be sure to do research and not by the first one you see!
  • Prepare and Practice your Incidence Response Plan: Using your data to practice a drill if incident 1, 2, 3… happened what plan of execution would be in place.

Now that you have learned the 5 myths, threats, and things you can do, you are now prepared to run your law practice with confidence. If you missed the presentation by David Myers be sure to watch the recording below.

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