Commercial Office Leases - don't get caught out!
A commercial office lease is a legally binding document that imposes liabilities and obligations on both parties for the term of the lease. It follows that failing to comply with your obligations at any stage of the term of the lease may be costly for the tenant and have legal, financial and operational consequences.
The facts are that Landlords and their representatives rent office space and negotiate office leases for a living – whereas tenants only move office on average every 5-7 years so they can’t be expected to be up to date with all current legislation and best practice surrounding an office lease. It is essential therefore that tenants level the playing field by instructing their own Property Solicitors (that are experienced in acting for tenants) in order that their commercial and business interests are safeguarded throughout the terms of the entire commercial office lease.
Remember that an office lease that is signed in haste, or without the advice of experienced Property Solicitors, may cause big issues, unwanted problems and unavoidable costs for a Tenant further down the line. It is always advisable to avoid getting into a dispute with your Landlord at any stage during the term of the lease, and the best way to ensure this doesn’t happen is to have a lease that provides the necessary flexibility and allowances to cover all eventualities and changing circumstances.
For this to be the case, tenants need to be aware that an office lease agreement constitutes a significant financial and operational commitment for a business, yet too many businesses blindly sign office leases that commit their business for many years without any meaningful attempt to negotiate the terms of the office lease.
Be sure to engage the expertise of specialist commercial property solicitors to ensure your company's best interests (commercial and operational) are maintained through out the course of the lease.
Read this Deadly Sins of Moving Office for more mistakes not to make when relocating your business.
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