Key Commercial Leasing Terms Every Lessee Should Know
Commercial leasing is the best option you have if you have outgrown your current store and you need more space. Commercial leasing has a lot of terms and conditions and if you just get into it with understanding what goes around, it may cost your business a lot of money. Theses are some of the commercial leasing terms that you should know before you decide on leasing.
You should know that there is a common area of maintenance of every lessee. The common area maintenance fee is paid by everyone tenant. Public areas like elevators, walkways, and others are repaired using the common area maintenance fee that every tenant is paying. You will be subject to paying this fee if you will be leasing in a multi-tenant building which may include the strip mall and office facilities.
The other thing that you need to know about commercial leasing is the turnkey. You do not have to do anything to the turnkey property because they are ready for you. Everything in this building is ready for you including the painting plumbing, floors, and wiring. This mean that you can be able to move in as first as you can unless you want to change the way they are done. This will be the best option for you if you do not have much time and money as you relocate, you can learn more about turnkey property fro the internet.
The other term that you need to know about commercial leasing is the rentable and usable square feet. The two terms are used to refer to the amount of the space that you are leasing. Rentable square feet is the space in the building that is used by all the tenants in the building. This space may include the restroom, hallway, stairwells, and others, click here for more.
The last thing that you should know about the commercial leasing is the term full-service lease. In the full service’s lease, the tenants do not have to pay the common area maintenance fee. In the monthly rent, the tenants pay for the maintenance cost indirectly through the adjustment of rent to match the maintenance cost. You need to be careful here about the reputation of the lessor or the company to avoid delayed repair and maintenance. Read more about the term used in commercial leasing to avoid misunderstandings. With the information in this article, it will be easier on you as a lessee as you now some of the vital terms.