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The lease agreement is almost fully negotiated. You are down to the final one or two issues to wrap it up. The issue? The tenant wants the right to enter the premises prior to the commencement date (and during the landlord’s renovations) to perform some renovation work and install furniture and fixtures. No problem, right? Not so fast. There are a plethora of issues lurking in this request.
Retailers aren’t the only type of tenant that prioritizes advantageous signage. Major office building tenants like banks or financial firms may also demand special name and signage privileges, sometimes in return for renting a large block of space. Most commonly, a tenant will want the most prominent signage on the building’s exterior and in the lobby. But in some cases, a tenant may insist that the building be named after it, in an effort to increa...
In the last few years, the rise in medical office tenants leasing at retail properties or in office buildings has been a good development for many commercial owners. That’s because the pool of prospective tenants for dark space has widened, in some cases cutting down on vacancies. But medical tenants also present some challenges. And owners need to take several factors specific to this alternative type of tenant into account before determining whether such a lease...
Operating costs are one of the main cost concerns for both retail and office building tenants. So they’re one of the first things on a tenant’s radar when it’s looking to cut costs. A tenant trying to trim operating costs can spell trouble for you, however, if believing that it has overpaid for its share of the building’s operating expenses it decides to perform a lease audit—but you forgot to negotiate owner-favorable lease audit provision...
No matter how financially sound your tenants seem at the start of a lease, there’s no guarantee they will stay that way. So it’s important to take all possible steps to protect yourself. Once a tenant files for bankruptcy, bankruptcy laws control what you can collect from the bankrupt tenant or its court-appointed trustee and what it can do with the tenant’s lease. As a result, you could end up losing a lot of money or having to deal with an undesirabl...
Over the years, commercial real estate owners and tenants have hammered out many issues surrounding compliance with the Americans with Disabilities Act, often specifying in their leases which party will be responsible for compliance. But if you don’t draft your lease terms carefully with a tenant that plans to do construction at your building or center, you could face an issue that is still controversial: who is responsible for making sure that common areas
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