Some of your office building tenants that are only halfway through their lease terms may already be complaining that their space is looking shabby and the rent they'll be paying during the last few years of their leases will be higher than the outdated space will be worth at that point. For example, the rent at year seven of their 10-year leases won't reflect the reality of peeling paint and frayed and stained carpeting. They may already have negotiated an agreement for you to repaint and recarpet their spaces at a set future date—and pay for all or part of the work.

If you must fill vacant space in your office building or shopping center while it's undergoing renovations, your new tenant might not have access to some of the amenities, equipment, or services that it expects to be able to use. Negotiate the lease to protect yourself from the tenant's argument that it's entitled to terminate its lease—or, worse, sue you—because certain portions of its space or the common areas are not usable.