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Measure the Premises Twice: Cut the Deal Once
Fans of the television shows This Old House and The New Yankee Workshop know that master carpenter Norm Abram repeatedly cautions his viewers by reciting the age-old adage: 'Measure twice, cut once.' Well, the same holds true in the commercial real estate context, but in a slightly different form. Landlords should measure their premises 'twice' (figuratively, if not literally) even before a letter of intent is negotiated and signed. For purposes of this article, the phrase 'measuring the premises twice' is not intended to mean that landlords should actually measure their premises two times; rather, the phrase is intended to convey the notion that landlords should accurately measure their premises early on in the process, and should not rely on old measurements or drawings. Measuring the premises in advance of the letter of intent can help to avoid backtracking on points and re-negotiating the business deal during the lease negotiation process.
Reliance on Old Drawings and Measurements
It is not uncommon for the landlord's leasing representatives and brokers to rely on old drawings and measurements in quoting the square footage contained in certain premises to prospective tenants ' especially in older shopping centers which may have changed hands several times since they were initially constructed. While relying on such drawings and measurements is perhaps natural in the fast-paced, time-constrained environment that leasing representatives and brokers operate under, it can lead to some unexpected financial consequences for the landlord.
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