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Holdovers can be a nightmare for landlords. When tenants don’t clear out after their lease expires, you may have to go to court to evict them. Meanwhile, the replacement tenant can’t move into the space and could end up suing you. Or, if you haven’t yet re-rented the space, the presence of the holdover tenant may hinder your efforts to find a new tenant. Adding insult to injury, if the rental market is hot, the holdover tenant may end up paying you muc...
Perhaps the only positive aspect of the COVID-19 shutdowns, at least from a commercial leasing perspective, is how it made landlords aware of just how dependent on their tenants they are. The real winners of the pandemic were the landlords that found a way to work together with tenants to adjust their leasing arrangements so as to ensure their mutual survival. That approach could be the formula for surviving not only public health emergencies but other unforeseen crises...
Jump-start your leases to prepare for tenant demand and legal compliance.
With electric vehicle (EV) purchases on the rise, a new fixture has begun to appear in the parking lots of office buildings, shopping centers, medical facilities, and other commercial properties across the country: the EV charging station. The Department of Energy estimates that as of 2022, 46,000 commercial EV stations have been installed in the U.S., as compared to just 10,7...
Percentage rent tenants are typically required to give landlords the monthly sales reports they use to calculate their percentage rent. All too often, though, the tenant provides only its gross sales figure—the amount on which percentage rent is calculated under the lease agreement. It omits sales from transactions that you’ve agreed to exclude from gross sales, such as discounts to sales provided to its employees. And that can cause problems. For one thing,...
One of the few positives to emerge from the pandemic for commercial leasing was how it got landlords and tenants to set aside historical mistrust and work together for their mutual welfare and survival. While the pressing issue at the height of the COVID-19 crisis was restructuring rent obligations, there are lots of other leasing issues where this approach could do both sides a world of good. Among these are lease provisions addressing insurance and responsibility for ...
Working from home and other post-COVID business realities have made many office tenants reluctant to sign a long-term lease. One way to overcome this is by offering tenants the option to terminate the lease early if the rent becomes unaffordable or the space becomes unnecessary. But while offering early termination options can give you a significant competitive edge, it can also cost you a boatload of money. That makes it essential to ensure that you get fair compensati...
It costs a lot of money to maintain a heating, ventilating, and air conditioning (HVAC) system. There’s also a lot at stake. Keeping the HVAC system humming is crucial to maintaining comfort, ensuring air quality, and, in some cases, preserving tenants’ stored inventory. Accordingly, HVAC inefficiencies and breakdowns are a frequent source of landlord-tenant disputes, including potential constructive eviction claims. That’s why it’s essential for...
Pet rules in a commercial lease? At first, I thought this was a terrible idea for an article. After all, the vast majority of commercial landlords in the U.S. don’t permit pets on the property—to the extent they even consider the issue at all. And it was for that very reason that I came to recognize why pets and commercial leasing is such a compelling idea, particularly in these times. Allowing pets might be just the unique amenity you need to compe...
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