Leasing Commercial Space
I would greatly appreciate some advice!
I recently purchased my second commercial property. It has a retail space. my current tenant lease is up and I opted not to renew the lease.
I have a new prospective tenant that wants to rent.
I have comps on what the store should rent for, but my questions are:
Should the new tenents be resposible for buildout of the space?
beyond the rent are there any other fees i should require them to pay?
should i give them a 10 year lease?
should the rent increase yearly and by what percent ?
Thank you
Rob :-? [ Edited by rsimm77736 on Date 03/03/2005 ]
Commercial landlords usually factor in the cost of any buildouts into the rent. Either have the tennant pay it or pay it yourself, but increase the rent to offset it. Your lease should have an annual CPI increase in it. Also you should make the lease a NNN so if your expenses go up the tenant pays them.
Thanks Johnbriscoe