The real estate market has been in constant flux and this includes commercial property. Whether you are working on a lease renewal or starting to look for commercial property, there is a lot to consider.
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Commercial leases can be very complex, depending on the size of the lease, the type of office space or practice space, and the nuances. We always recommend you work with an attorney when negotiating a lease, even if it’s a renewal.
When reviewing a lease, first and foremost, you want to make sure the basics are correct. The address, parties, cost, and term should all be clearly spelled out.
Also, your expectations for your landlord and the tenant need to be in writing.
Make sure that you know how you can terminate the lease in case something happens or your situation changes. Know what costs are associated with early termination.
Other things you want to make sure to look for when looking at a commercial lease include, but are not limited to:
- Common areas and maintenance costs
- Condition of the property
- Build-out work
- Parking
- Holdover rights
- Quiet enjoyment
- Landlord services
- Restrictions on use of the property
- Occupancy requirements
- Notices
While there is a lot to consider in a business lease, it is essential that it is tailored to your situation. You want to make sure that your interests are protected and clearly stated in the lease agreement.
Any discrepancies should be discussed while negotiating, to avoid potential problems down the line.
We help our clients negotiate favorable leases to protect their businesses and their interests.
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