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Negotiating Surrender Clauses In Commercial Leases
The average base rent obligation over the term of the lease, in each commercial lease crossing my inbox in 2022, was over $1 million, exclusive of triple net charges and other potential obligations of a tenant that may arise during or after the lease term.
Notwithstanding the importance of a lease to the balance sheets of both landlords and tenants, surrender provisions are commonly glossed over and consequences can be detrimental to either side. At the end of the term, a landlord could be left with premises it is unable to lease without substantial monetary investment in renovation and repair, or a tenant may have significant liabilities to restore the premises.
More frequently it is the tenant who is surprised — it understands it must pay the rent, and may anticipate investing in improvements in the premises initially, but expensive surrender obligations are usually not on its radar.
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