Hoping someone here may have some good tips for what to include (and not include) in a lease agreement with a commercial tenant.
Basic details: it is new construction, light industrial space. My company occupies one half of the building, so we'll constantly have an eye on things...but we really want to structure the lease so that they have to be fairly self-sufficient. I think I've heard some term for this kind of lease (where the owner is mostly hands off), but can't recall it.
I think we're in a position to require at least 3 years, and there will likely be some build-out to suit. Not sure if we want to handle the construction costs and build it into their lease rate, or just have the requirement that we approve their plans and contractor. Anyone have advice on this?
Thanks!
Basic details: it is new construction, light industrial space. My company occupies one half of the building, so we'll constantly have an eye on things...but we really want to structure the lease so that they have to be fairly self-sufficient. I think I've heard some term for this kind of lease (where the owner is mostly hands off), but can't recall it.
I think we're in a position to require at least 3 years, and there will likely be some build-out to suit. Not sure if we want to handle the construction costs and build it into their lease rate, or just have the requirement that we approve their plans and contractor. Anyone have advice on this?
Thanks!
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