Key Commercial Leasing Terms Every Lessee Should Know
If you do not have enough space to start your business the quickest and the most affordable way to get it is by leasing. 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. Below are some of the commercial leasing terms that you should know and you will have an easy time as a lessee.
Common are of maintenance is the first term that you need to know. You are expected to pay the common area maintenance fee like every other tenant. This money is used to repair and maintain the public areas like walkways, elevators, and landscaping of the building. The common maintenance fee will be there if you are leasing in a multi-tenant building.
As a lessee, you should know about turkey in commercial leasing. You do not have to do anything to the turnkey property because they are ready for you. There will be no need to paint, do plumbing of the building and other as they are already done for you. 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. Turnkey property best fits people who do not have much time to move in or to make some adjustments in the building, read more about a turnkey property from the internet.
The rentable and useable square feet is the other term that you need to learn about in commercial leasing. It is important to note that the amount of the space that you are leasing can be described in these two terms. The space in the building that every tenant in the building can access is referred to as the rentable square feet. This space may include the restroom, hallway, stairwells, and others, click here for more.
A full-service lease is the other term in commercial leasing that you need to know more about it. Full service lease means that the maintenance fee is not directly catered by the tenant. The rent of the building is adjusted to meet the cost of maintenance and the landlord caters for the maintenance fee. 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. The terms used in commercial leasing are hard to understand and can result to great loss if you do not learn more about them, this article has made it easy for you.