Commercial leases have become increasingly complex and demand experienced attorneys who can not only properly advise their clients about the terms, but also negotiate them. Whether you are a commercial property owner or a prospective tenant looking for the right space to fit your business, we have the knowledge and experience to navigate you through a complicated sea of terms and language. Our attorneys can assist you in taking the following steps:
Understanding the market
Whether you are a landlord or tenant you have to know your market and what the average cost of the type of commercial space you’re seeking—retail, office or industrial. We can assist you in studying the market landscape to better understand what the market rate should be in your particular area and for the particular size of the space you seek to lease.
Getting the terms right
You will have to consider a lot of things in determining whether the space is right for your, such as utilities, infrastructure, parking, storage, accessibility to major highways, and in some cases the amount of weight that can be placed onto a specific floor. We can help you in creating a checklist of your needs and wants to ensure compliance with the structure, local, state and federal regulations, etc. We listen to your needs to ensure that any proposed lease is going to be right for your business to grow.
Negotiating the terms
Today’s commercial leases can be extremely complex, you or your business have to know what is permitted, what is restricted, and why. Our attorneys will make sure you and your business understand what uses the property is permitted for and research whether there are any zoning regulations or laws that could negatively affect your business. Leases can sometimes contain ‘hidden’ costs which can surprise the landlord and tenant alike. A landlord could suddenly find themselves with a large increase in their yearly property taxes without a way to allocate those expenses. A tenant will sometimes receive a notice from their landlord indicating that they are obligated to pay additional costs with little to no explanation. Common area maintenance charges (CAM charges), triple net leases, and ‘additional rent’ are just some of the terms our attorneys can explain.
Reducing it to writing
Both landlords and tenants wield a great deal of power during the negotiation process. It helps to have attorneys who not only understand the terms, but who are also shrewd negotiators on your behalf. Asking for longer term options can help decrease the monthly rent. Ensuring that you have the ability to effectively and legally terminate the lease without violating the terms of the agreement can mean hundreds of thousands of dollars, potentially millions if it is a long term lease. Language is key, and setting the terms with an understanding towards future negotiations can significantly reduce risks. Our attorneys can help.
Advice prior to signing
There is a lot to consider, such as the requirements of any insurance and indemnification clauses; setting the beginning of the ‘term’ date based upon currently occupied spaces; changes in zoning, etc. Our attorneys can assist you in determining whether a proposed lease and its terms are going to be advantageous or costly in the long run and review the necessary insurance policies to ensure your business is protected. We’re not helping you so we can simply move on to the next client. Our goal is your satisfaction and your continued business as your commercial business grows. Let us help you build something that lasts.
Once a lease is signed a lot can go wrong. From building collapses, lawsuits, defaults for non payment, business dissolution and bankruptcy, whether man made or natural causes there will always be a reason to have a solid firm such as Price, Meese, Shulman & D’Arminio, PC, at your side.
