Protecting Your Business from Costly Commercial Lease Mistakes
A lease can open the door to exciting new business opportunities, or it can lead to getting blindsided by unexpected expenses or liability, or to losing your business altogether.
Avoid leasing landmines on the road to business success. Consider these five key issues before signing a lease: Lease Term; Commencement; Condition of the Premises; Rent, Increases and Additional Costs; Right to Sublet or Assign.
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A Lease Expiration Surge That Could Reshape the Market
Leases on more than 265 million square feet of commercial space are set to expire in 2025 (Source: Trepp Report). This includes 100 million square feet of industrial space, 85.5 million square feet of office space, and 58.5 million square feet of retail space. For landlords, lenders, and investors, these lease expirations will likely impact cash flows and valuations differently depending on property type.
Read MoreVague terms in a commercial real estate contract can lead to a variety of legal issues. For example, if a lease agreement states that the tenant is responsible for "reasonable maintenance" of the property, this could lead to disagreements about what constitutes "reasonable" maintenance.
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