In a pro-Landlord environment, making sure your lease benefits you and your business is vital. Depending on the length of your term, you may be stuck living with sub-par terms and condition, or just as bad, did not know you were missing some. It’s easy to miss things when reading through a lease. You need a trusted advisor in your corner, not only to ensure clauses are present to protect you, but also to ensure the language is written in a way to give you the most flexibility.
At Whitebox Real Estate, we are NOT lawyers, nor purport to be, however we know the terms you should be looking for, from a business standpoint, to ensure you have the requisite protections. Below are some of the important items you want to make sure are addressed in your lease.
- Audit Rights- Were you able to audit the Landlord’s operating expenses?
- Operating Expense Cap- Do you have a cap on how much the Landlord is passing onto you?
- Renewal Option– Can your Landlord lease your space to someone else at the end of your term?
- Right of First Refusal– Do you have first rights to the space next door to allow for growth?
- Interruption of Services– Are you compensated if a vital service goes down in your building?
- Sublease Rights- Do your sublease rights provide you with flexibility and the ability to dispose of space as needed without delay from your Landlord?
- Relocation Rights- Are you protected from a Landlord moving you to a different floor?
As tenant-focused advisors, we take the time to review your lease and ensure these items are addressed. We work alongside your legal counsel to protect your business.
To help determine the areas where you can improve leverage and flexibility, Whitebox provides a complimentary detailed audit of your current lease. We will show you where improvements can be made on your next lease, or even your renewal. Reach out to our professionals for a complimentary lease audit and a more detailed discussion of the points above.