No lease, no premises, no practice. Remember that your lease controls how long you can practice in the premises, your rent cost, the value of your practice and your retirement fund. Therefore, your lease and its terms are critically important.
Your commercial lease is one of your biggest financial and contractual obligations and it should not be overlooked or forgotten. Depending on your current and future plans there are certain lease clauses that may have been pre-negotiated and if overlooked or any important dates are missed you could put your business in jeopardy.
If you don’t ask for it, you won’t get it. Negotiations can be tough, especially when you are trying to secure a great deal on a great space for lease, at the right price. It comes down to a few overbearing factors but the most important is the discovery into who holds the most negotiation power between parties, and the concessions you will have make. The end goal is seeing the deal inked with signatures with two smiling parties.
A great location can be the cornerstone to your business, but do you know why it is so great? There is a lot of criteria that goes into what constitutes great space and every business will think about it differently. As things have changed quite drastically in recent months, its possible things have changed for your business as well and you are starting to think about how you might embrace it.
Having a hard time paying rent on your commercial space because of the COVID-19 lock-down? Is your Landlord allowing you to stave off rent payments? How are you going to pay the deferred rent back to the Landlord when the quarantine period is up? There are lots of remedies.
The saying goes “what you don’t measure, you can’t manage” Having a business plan is status quo. Everyone needs one to plan and obtain their targets and goals. One vastly overlooked aspect of a business plan is metrics. Its not just a buzzword, but your business plan laid out financially, with a set of rules about what is acceptable and what is not.
Your landlord will not call you and offer to reduce your rent. Here are five key “when and how” rent saving opportunities every tenant should be aware of. Covid – 19
On Friday, another rent relief package was announced. This package funds tenants rents through landlords. Under the Canada Emergency Commercial Rent Assistance (CE-CRA) program, federal and provincial governments will cover half of a small business tenants’ rent for April, May and June, while asking landlords to cover one-quarter of the cost. Tenants pay one-quarter of the rent.
Taking an alternate approach to tenancy could create access to a market where no suitable space appears to exist
The life cycle of a tenancy consists of a number of steps, each no less critical than any other. The cycle begins with site selection, and progresses through an offer to lease, to a lease, through periodic lease renewals, often to assignment, and eventually to end. This article about the Offer to Lease is the second in a series that will explore the various stages of a tenancy.
Don’t send a dental pro where a lease pro is needed. If you are not confident negotiating key leasing issues you need an advocate!
We seem to notice them only in passing without fully realizing their impact. This is precisely why they are so effective. Your sign can help keep your name and image "top-of-mind".
The life cycle of a tenancy consists of a number of steps, each no less critical than any other. The cycle begins with site selection, and progresses through an offer to lease, to a lease, through periodic lease renewals, often to assignment, and eventually to end. This article about Site Selection is the first in a series that will explore the various stages of a tenancy.
A lease is a static agreement written to describe a dynamic process, inevitably something that seemed like “a good idea at the time” becomes a problem when the point of view shifts. This creates an opportunity. Understanding the realistic power of a leverage position can help you use these opportunities to affect positive change.
Your Lease is not the right vehicle for short-term gains. Think of your lease as a long-term investment with an eye for stable returns and value appreciation. Giving your attention to lease evaluation and negotiation will help grow your asset. Making sure your lease has all the features it should have in every stage of the market cycle is the goal.
What you don't know can, and will, hurt you in your lease negotiations. Here are 8 common pitfalls and how to avoid them.
There are several rent reduction and production improvement strategies that could be implemented to improve your rent to production ratio, all of which will require actively managing your lease.Thoroughly understood and properly administered, your lease should be treated as a business tool that will add value and help you reach your short and long term goals.
Most tenants run a specialized operation that has nothing to do with commercial real estate. Having an innovative and objective advocate become a temporary member of your team to strategically negotiate on your behalf is essential. Your advocate should protect your position by minimizing your risk, reducing your operating and occupancy expenses, mitigating your exit restoration exposures, and providing future flexibilities.
Many Tenants confess that they have known for a period of years that their Lease Term would not be renewed, but deferred action until the eleventh hour. Many simply don't have the time or the expertise to manage Lease affairs. Make sure you clearly understand how your options to renew work, and how you should administer them.
The commercial real estate industry has changed dramatically in the past 5 years. As a tenant you need to be aware of the changes and manage your position accordingly.
To be successful in this current commercial real estate market, you have to believe that there is always an opportunity in adversity.