Key Commercial Leasing Terms Every Lessee Should Know
Leasing is the most common way that most business personnel prefer when thy want space to settle their business. Commercial leasing can be very expensive especially when you do not know the term and conditions of their operation. Below are some of the commercial leasing terms that you should know and you will have an easy time as a lessee.
The first thing that you need to know is the commercial area of maintenance. The common area maintenance fee is paid by everyone tenant. The shared space like walkways, elevators and also the landscaping of the building is repaired and maintained by the money gotten from common area maintenance fee. This fee is common in multi-tenant buildings such as the strip malls and office facilities.
The other thing that you need to know about commercial leasing is the turnkey. Turnkey property is the property that is ready to move in to. 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. 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 rentable and useable square feet is the other term that you need to learn about in commercial leasing. Rentable and usable square feet refers to the space that you are renting. 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 last thing that you should know about the commercial leasing is the term full-service lease. The maintenance fee is not paid by the tenants as in the case of common area maintenance fee. 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. Read more about the term used in commercial leasing to avoid misunderstandings. The terms used in commercial leasing are hard to understand and can result to great loss if you do not learn more about them, this article has made it easy for you.