Getting out of an Office Lease
During these times of economic uncertainty, tenants may be faced with more office space than they really need, or paying higher rents that their business can afford. As a result, some office tenants are considering getting out of their office lease in the need to find cheaper and smaller office space.
The legal issues surrounding getting of an office lease may be complex, then again, they may be straight-forward. It all depends on the individual circumstances as every office lease is different. It is therefore important that you check your office lease thoroughly, and where appropriate, seek the correct legal counsel from a Real Estate Lawyer if you wish to terminate your office lease before the proposed date of expiry.
As a tenant, you need to be aware of all the options and know exactly what is available to you should you wish to vacate and find alternative office space.
Here are some steps you need to take if you wish to get out of your existing office lease:
Step 1:
Dig out your office lease and check what the notice period is and whether the office lease contains a break clause. Also check whether there is the provision to sub-let the premises to another tenant.
Step 2:
Talk to your Landlord informally and express your wish to vacate early. There's no harm in asking and the Landlord may well have another tenant interested in taking over the space.
Step 3:
If you are considering exercising a break clause, subletting or assigning the office lease over to another tenant, talk to a Tenant Rep Broker and / or Real Estate Lawyer to negotiate the best possible terms and draw up the correct legal documentation.
When negotiating assignment or termination with the Landlord, you need to be armed with the market knowledge and have the right expertize on your side in order to get the best possible outcome.
For advice on your individual office lease situation, speak to a Tenant Rep Broker in your area.
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