Don’t Overpay the Operating & Tax Expense Invoice You Will Receive This Quarter
You will soon receive an invoice for operating and tax expense pass throughs which will increase your occupancy cost. Do you know the eight things to look for to assure you are not among the tenants overpaying?
To protect your company, you will need to scrutinize the following, or if you are a client or prospective client of ours, send your invoice to me and we will compare it to your lease provisions to identify any excess charges or looming increase, at no cost:
- The base year for accuracy and proper credit for any update.
- The percentage of the building leased for accuracy and the applicable reduction for any decrease to the square footage.
- The size of the building to assure it isn’t “growing” and that it only includes the square footage used for office space.
- The cap on expenses negotiated in the lease has been applied, if any.
- The proper credit has been provided for estimated payments made.
- The operating expenses are in line with the competitive market.
- The real estate taxes are in line with the competitive market. If they are too low, contact me for advice on how to protect your company against a looming increase.
- The impact of your building being sold. This can trigger a reassessment resulting in increased real estate taxes. Should this occur, contact me for advice on how to protect your company against costly real estate tax pass throughs.
ITRA Global is an organization of real estate professionals specializing in representing commercial tenants and buyers in the leasing, acquisition and disposition of office, industrial and retail facilities. With coverage in major markets around the world, ITRA Global is one of the largest organizations dedicated to representing tenants and occupiers of commercial real estate. Clients benefit by having an experienced professional as their trusted advisor, providing conflict-free representation with total objectivity.
For more information about ITRA Global please contact Beth Wade, ITRA Global Executive Director, at 706.654.3201 or email firstname.lastname@example.org. To learn more about conflict-free representation and ITRA Global locations, please visit the ITRA Global web site.
Article submitted by Carrie Holstead ITRA Global Pittsburgh, PA, USA