Maximizing the Tenant Improvement Allowance (TI Allowance) is crucial in lease negotiations when building or retrofitting office space. Landlords consider the premises' condition, lease term, rental rate, and the tenant's financial standing when offering an allowance amount. For existing office space, basic upgrades like carpet replacement and painting are often all a tenant can...
When is a thousand square feet NOT a thousand feet? When you are paying for your office space! Understanding the real cost of your office lease means comparing apples to apples. The actual size of an office can vary, depending on the building and on how the landlords measure the space. Office space is leased by the square foot, and too often, tenants go to great lengths to negotiate the best possible...
How much lead time do you need when renewing your office lease? Too often, tenants comfortably ensconced in their office space simply forget about their lease until they get a call from the landlord and receive an offer to renew a few months before their lease expiry date. This is a landlord's dream—they have a “captive tenant” who does not have enough time to move. Tenants in this situation have...
Why you need to know about the restoration clause in commercial leases. You have been a great Tenant, we are sorry to see you go...here’s your bill. Most commercial leases contain a restoration clause, under which a Tenant is obligated to return their premises to the Landlord in “base building” condition. This means that the Tenant would be required, at their expense, to remove not only their...