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Commercial Lease: 12 Terms Explained (part 3)
Are you a commercial property tenant? If you are or are thinking of leasing commercial property, we would like to help you understand what is a commercial lease and how you can benefit from some of the aspects of commercial leasing. Landlords sometimes offer incentives for future tenants and even current tenants. Commercial leases can be modified to incorporate some of those incentives. Here are 3 commercial leasing terms explained and which can benefit you as a tenant:
7 – Tenant improvement allowance
With tenant improvement allowance a landlord offers help to pay for any refurbishment needed when you lease property. The landlord will offer this allowance to help you improve either the property or space you lease in the property.
8 – Tenant inducements
As above, tenant inducements are incentives the landlord offers tenants to incite tenants to lease the property or space in the property. Some of the incentives could be free rent for a limited time or help with payment for improvements in the space or property leased.
9 – Leasehold Improvements
With leasehold improvements the landlord will allow tenants to improve either the property or space leased. Often tenants need renovations to improve property suitability for their business. If improvements are a part of the property, they cannot be taken away by the tenant when the lease expires.
Are there any incentives you would like to be incorporated into your lease agreement? Please give us a call to discuss any potential benefits you could be offered by your landlord.
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