Office Lease Incentives
Office Lease Incentives - what are they? How do I get them? And what benefits do they have on my business?
When negotiating the terms of your office lease, a Landlord may offer office lease incentives in order to preserve their market rent figure and entice the tenant into entering into a commercial office lease agreement with them.
These Office Lease Incentives usually come in two forms;
1. Rent-free Periods
This is rent relief for a certain period (usually at the commencement of the office lease) which can reduce the rental burden for the tenant - particularly in the light of major costs that the tenant has to pay out during an office relocation.
2. Fit Out Contribution
The Landlord will offer capital contributions towards the fit-out and/or alteration of the office space. Again, this can significantly help the tenant out when building out the space to suit their requirements.
It is in the Tenant's best interest to obtain as many office lease incentives as possible - a combination of these incentives can be achievable, but are dependent upon market conditions, the length of the office lease, the landlord's situation and the property in question.
Remember that everything in a commercial office lease is negotiable. Tenant's are advised to seek advice from a Commercial Property Agent to obtain the very best office lease incentives available to them.
Find a Commercial Property Agent in your area here.
