Tenant Realty Advisors recently worked with a non-profit, Internet-based charter school that wanted to renew their lease under the best possible economic terms. They were willing to relocate only if there were compelling financial reasons. TRA met with the tenant to understand what worked and what didn’t work with their current location. Then we strategized with the client on how to best meet their goals for local office space. Their goals were straightforward: They wanted to reduce their current rent costs, but wanted to avoid the expense and inconvenience of moving. They also were hoping to refresh the existing space with new carpet and paint at their landlord’s expense.
Leasing an office space is a lot like entering into a business partnership. Ideally, the parameters are set up to benefit both parties, with each party offering something and expecting something in return. When the partnership is successful, everyone does well. And when it isn’t, well that’s a whole different topic.
Many lease agreements begin with a “Standard Form Office Space Lease,” a generalized, standardized agreement commonly available. Tenants need to know that while common, “standard” does not mean right or fair to the tenant. Leases are usually very long, complex and often printed in very small type, and, for the most part, everyone hates to read them. To make matters worse, landlords sometimes insert complicated legal language into standardized leases, tipping the scales even more.