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The Local Market Experts

Commercial real estate leases will introduce you to a whole new set of vocabulary, which can make it difficult to fully interpret documents. To make dissecting the fine print simpler, familiarize yourself with these common terms that you need to know:

Posted on: Jan 19 18

by: admin

1. Right of First Refusal

If you a sign a lease that includes a right of first refusal clause, your landlord is required to offer you additional space to lease before offering it to the general public. This gives you the opportunity to lease more office space in an in-demand building if it becomes available and can be highly beneficial if you anticipate major growth in the coming years.

2. Option to Purchase

Most common with whole-building leases, the option to purchase clause provides information about how your company can buy the space that you’re leasing. It should outline the terms that you would need to meet in order to buy the property, including the price you would pay. Normally, tenants execute this right at the conclusion of their leases.

3. Usable Square Footage

The amount of space inside the office or building that you are renting is known as the usable square footage. It is the space that your company is actually occupying within the facility.

4. Rentable Square Footage

Rentable square footage includes the usable square footage plus a portion of the square footage that you share with other tenants, such as bathrooms located in hallways, reception areas, on-site gyms, elevators and cafeterias. Landlords base your rental rate on this number, rather than the actual usable square footage in your space.

Louisville Commercial Real Estate provides commercial real state sales & Leasing to established businesses, to start ups, to property owners and to investors in the greater Louisville Colorado area

Contacts

Louisville Commercial Real Estate Brokerage: Summit Commercial Brokers, 317 West S. Boulder Rd Suite 6 Louisville, CO 80027,

Louisville Commercial Real Estate Brokerage:
Summit Commercial Brokers,
317 West S. Boulder Rd Suite 6
Louisville, CO 80027,
Phone: 303-931-7341
timconarro@gmail.com Copyright 2014