Some of the Commercial Leasing Terms You Should Know
Commercial leasing is the best option you have if you have outgrown your current store and you need more space. It will cost you a lot if you decide to go to commercial leasing when you do not understand what is expected of you as a lessee. 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. Here are the common maintenance fees that every tenant is expected to pay. This money is used to repair and maintain the public areas like walkways, elevators, and landscaping of the building. 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. A turnkey property is ready and you do not have to do anything before moving in. There will be no need to paint, do plumbing of the building and other as they are already done for you. In case you want somewhere that you can move in very first, this turnkey property is the best as it is ready unless you want to make some changes. 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 rentable and useable square feet is the other term that you need to learn about in commercial leasing. 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 other term in commercial leasing that you need to understand is the full-service lease. 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. For timely repair and maintenance, gather info about the lessor to ensure that they are reputable. It will be very useful to you if you read more here about the commercial leasing terms to avoid confusion. With the information in this article, it will be easier on you as a lessee as you now some of the vital terms.