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Maximizing The Tenant Improvement Allowance

An important component of a lease negotiation is the Tenant Improvement (TI) Allowance offered by a landlord to build out new space or retrofit existing space. The TI Allowance is based on a number of factors: the condition of the premises, length of term, net rental rate, and the financial covenant of the tenant. For existing office space – one that has walls, doors, etc. because of a prior tenant,...

The Real Cost of your Office Lease – When is a thousand square feet NOT a thousand feet?

When is a thousand square feet NOT a thousand feet? When you are paying for your office space! Office space is leased by the square foot and too often tenants go to great lengths to negotiate the best possible rate per square foot without taking into account how the square footage is determined for the particular building and the specific office space. The Building Owners and Managers Association...

WHEN IT’S TIME TO RENEW YOUR LEASE – HOW MUCH TIME IS ENOUGH TIME?

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 landlords dream – they have a “captive tenant” that does not have enough time to move. Tenants in this situation have very little leverage when negotiating the lease and frequently...

You have been a great Tenant, we are sorry to see you go…here’s your bill

THE RESTORATION CLAUSE Most commercial leases contain a Restoration Clause whereby a Tenant could be 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 furniture and trade fixtures, but all leasehold improvements including walls, carpet, etc. and repair any damage from doing...

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