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THE RUNDOWN

With commercial leases, the devil is in the details

November 11, 2017

Commercial leases are negotiated from scratch, and tailored to meet the business’s requirements within the parameters of the owner’s property rights. This lack of standardization means business owners and landlords need to take note of every detail before signing a contract.

 

The contract should state what that payment covers. Are property insurance and taxes, utilities and maintenance the responsibility of the landlord or tenant? The amount and frequency of rent increases, or escalations, should be detailed. This can be in dollar amounts, or tied to a yardstick like the Consumer Price Index (CPI). The contract should clearly define who is responsible for paying for buildouts, and who owns permanent fixtures. The party responsible for maintenance and repairs of the grounds, building and important systems, such as heating, air conditioning and ventilation, should be clearly defined.

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