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Constructing and Improving Space Protect Against Cost Surprises and Hidden Lease Issues
Many commercial office leases fail to identify or delineate all costs a tenant may incur in the initial build-out or subsequent alteration of its office space. Such costs, if not understood, negotiated upfront and documented in the lease agreement, will substantially reduce the actual dollars a tenant has available for its initial leasehold improvements from the landlord-provided tenant allowance and will increase the cost of alterations during the lease term. While not expressed in purely face-value economics, there are also many other issues which, if not addressed appropriately in the lease, will cost the tenant additional time and money. This article details some of these costs and issues and suggests ways to address them in your lease.
More often than not, problems encountered by the tenant in implementing leasehold improvement or alteration projects come from not having fully considered, discussed and recorded the rights, duties and responsibilities between the landlord and the tenant. It is the misunderstanding or discounting of their importance or the absence of language in the lease that generates unexpected costs and time delays for the tenant. Such silence is usually adverse to the tenant because the landlord can point to its standard operating procedures or general industry experience to pin these costs on the tenant.
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