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.
The premises leasing landscape is very different from two and a half years ago. Tenants have endured repeated lockdowns, global paranoia, anxiety and depression, economic euphoria over soaring property and stock market values. They’ve also experienced e-spending with confidence fueled by ultra-low interest rates and governments pouring stimulus funds into pockets, dramatic work-at-home demographic shifts, and bewildering e-communication advances.
You spend countless hours planning bank financing, personal investments, tax strategies, taking continuing education credits, learning treatment modalities, developing marketing initiatives, effecting staff recruiting, retention and training strategies, but most tenants rarely look at their premises arrangements because it’s not an immediate concern.
As the country re-opens and emerges from the covid-social distancing funk, what are tenants doing? Many tenants are badly damaged by the impaired social distancing economy.
Will large landlords including REITS, help their tenants with rent relief? The federal government has unveiled a new financial relief program that is designed for large landlords including Real Estate Income Trust(REITS). It is an interest-bearing loan to large businesses who have been affected by COVID 19.
In today’s day and age, your landlord will not call you and offer to reduce your rent. Here are five key rent-saving opportunities every tenant should know.
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.
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.
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 Lease is the third in a series that will explore the various stages of a tenancy.
Vague language in your lease agreement increases your risk of unexpected cost increases. Here are three of the more significant ways your tenancy costs may increase without any changes to your lease document or your base 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!
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.
Several remarkable changes have permanently impacted the tenant’s ability to manage its location. The commercial real estate industry has changed, the tenant community has changed, and tenant representation has changed. A well-informed tenant must recognize and respond to these changes.
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.
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.
Key profile and access points to consider during Site Selection. These key factors, directly connected to your building and your geographical area, can account for up to 40% of your volume. Your Lease needs to have the correct provisions to ensure you can exercise some control over the Profile and Access of your location.
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.
Check your lease for rent overpayment. It's very unlikely your landlord will tell you that you are overpaying rent, but If your premises area is misrepresented in your lease this may very well be the case.
The market trend in Commercial Leasing is toward “net” leases, which means the tenant agrees to pay the landlord a “base” or “minimal” rent plus additional rent to make up the gross rent. How do you know what you should be paying? How do you verify the amounts? And how do you confirm which costs are relevant? Not all tenants get good value for their Additional Rent dollar, don't let your Reconciliation Statement take you by surprise.