Commercial Office Leases - Understand what you're signing for!
If when reading through your Commercial Office Lease you're left feeling totally bewildered - you're not alone! But unfortunately, it's one of things that you need to have a basic understanding of and simply can't afford to get wrong.
These basics of Commercial Office Leases will help give you a better understanding of what to look out for when understanding your Office Lease.
What is a Commercial Office Lease?
A Commercial Office Lease is a legally binding document that imposes liabilities and obligations on both parties (the Landlord & the Tenant) for the term of the contract.
What should the Commercial Office Lease contain?
Every Commercial Office Lease is different, and the Laws can also differ from state to state. That said, there are several things that every Commercial Office Lease should contain:
- The names of all parties involved
- The full address of the office property
- The rent, as well as a schedule of any rental increases throughout the term of the lease
- The duration of the term of the office lease
OK, so that's only the basis, but without that essential information, the Commercial Office Lease cannot be valid or held enforceable.
Typical Commercial Office Lease Clauses
The rest of the Office Lease is usually based around the relationship between the Landlord and Tenant; responsibilities, rights and obligations. These may include:
- Who will be responsible for designing, build out, and any improvements to the office property?
- How will the utility bills be divided between the other occupiers in the building?
- What commercial use is permitted on the property?
- How much Security Deposit will the tenant need to pay before moving in?
- What are the options to break the Office Lease Agreement before it expires?
- Does the lease 'automatically' renew after the initial term expires?
- Who is responsible for insuring the property?
Understanding the detail of every clause and implication requires the expert knowledge of a Commercial Real Estate Lawyer. Never sign an office lease that has not be reviewed by anindependent Commercial Real Estate Lawyer. They analyze and advise on Commercial Office Leases for a living, so getting legal advice is not only common sense - it's just sound business!
Visit our Resource Centre for more checklists and help for your office relocation.
Planning an office move? Go the office relocation planning resource center
Start Planning Your Office Move
Wherever you are in your office move process Help Moving Office has the information you need to plan your office move properly.Start Planning
Access The Resource Center
With over 15 guides, checklists, tools & calculators the Resource Center has everything you need to plan, organize & manage a successful office move.See Resources
Office Relocation Services Directory
Looking for the right companies for your office move? Connect with independently sourced and pre-qualified vendors that are experts in your local market.The Directory
85 Critical Tasks Before, During, and After the Move
An office move has countless moving parts. Where do you start? Keep reading... "Guru" of office moving, Ed Katz, has you covered!Read Article
Request for Information (RFI) with Best Answers
Looking for the best mover for your office relocation? The best way to narrow down your search is to ask the right questions. What are the right questions? We're here to help! Ed Katz, president of the International Office Moving Institute (IOMI) and guru of office moving, will tell you exactly what you should be asking potential movers and what the right mover will say.Read Article
Stages of an Office Move
Identify the key stages of an office move and find out what important issues need to be considered at each milestone.Read Article