Essential Commercial Leasing Terms You Need to 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. 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. 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. Everything in this building is ready for you including the painting plumbing, floors, and wiring. 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. 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 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. All the tenants in the building can access the rentable square feet. Different commercial leasing companies have different rental square feet which include hallways, restrooms, and others, visit the company’s homepage for more info. about it.
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. The terms used on commercial leasing can be confusing and sometimes you miss the information that you needed to know, read more now the terms used uncommercial leasing in this page. With the information in this article, it will be easier on you as a lessee as you now some of the vital terms.