Tenant improvements and tenant improvement allowances are provided in many leases. How these items are provided depends on the building, the landlord, the market, and the tenant.
Full disclosure is an integral piece of any real estate transaction. While residential real estate transactions are highly regulated, commercial real estate plays by different rules. Let’s talk about the significant differences between the two.
Most headlines today concerning the office market say tenants are giving up space, causing vacancy rates to increase―especially in many downtown areas. The tenants in those buildings are enjoying extra attention from their landlords and experiencing improved leasing flexibility. Some tenants are going very short-term on their leases, even month to month, so they have maximum flexibility. However, tenants who get lulled into a sense of complacency may be in for a rude awakening and an unexpected change of address. Let's talk about losing your office space to another tenant.
A lease evaluation is essential before you decide if you are/are not renewing your current lease, but you most likely don't have the time (or interest) to review it yourself. In that case, you should consider retaining an exclusive tenant advisor to guide you through your space needs, costs, and available options in the market. At a minimum, you should start with these top five considerations:
