Office Lease Negotiations
Best practice tips on how to ensure the best office lease terms are negotiated in favour of the tenant.
Understanding the office lease process is essential if you are entering into any office lease agreement. At the same time, you will need to have experienced legal representation to review and negotiate the final office lease on your behalf. Your Legal Representative will liaise with your Property Consultant to make sure your business terms are reflected accurately in the office lease.
An office lease is drafted by the Landlord’s solicitor; so it is no surprise that the initial draft will represent the Landlord’s wish list. If the office lease is not appropriately negotiated, it may not serve the tenants interests when issues arise throughout the course of the tenancy. Typical lease negotiations involve issues around the rent, length of lease and tenant incentives. But there are other important concerns that are often overlooked, misunderstood or even under-negotiated.
These include matters such as the inclusion of a break clause in the lease to give you flexibility your business may require in the future. Confirm how the rent is going to reviewed at Rent Review. Consider the state of repair of the office space; determine who is going to foot the bill for those repairs and define the tenants repairing obligations throughout the lease term.
Leasing office space can be a real minefield for the inexperienced office tenant. Make sure you take legal advice from a Property Solicitor who negotiates office leases for a living.
Click here to find a Property Solicitor in your area.
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