When it comes time to your business lease expiring or starting a new business, business owners must objectively evaluate what is in their best interest when considering a move or new location. The size, price and physical location are paramount factors in determining what‘s best for your business.
When signing a commercial lease, it is ever so important to understand which building expenses you are directly or indirectly responsible for paying, especially since these expenses could easily equate up to 50% of what the monthly rent is. If it is a typical retail store or commercial building lease, it will be a triple net lease aka NNN lease. In a triple net lease the tenant is responsible for practically every expense incurred in operating the commercial building or shopping center.
With so much talk these days about loan modifications for homeowners that got into a bind with their mortgage, what about the businesses that are now stuck with an unfavorable lease? There are now a few options for business owners in this situation wishing to modify their commercial lease. This applies to large companies as…