What can you expect with a Lease Term of one to seven years or longer?

What can you expect with a Lease Term of one to seven years or longer?

Hour Glass CROPPED

Many prospective tenants approach me with wish lists a mile long, itemizing everything they want in their business suite.  When I get down to their budget with them, I often learn they only want a one-year lease. You can’t expect the moon and the stars if you want a short-term lease.

This, however, is what you can expect:

  • For a one-year lease, the space will be delivered in a clean but “as is” condition.
  • For a three-year lease, you should be able to get new carpet and fresh paint.
  • For a five-year lease, you can ask for and receive a buildout (space expansion or modification) with a couple of extra offices, a conference room, etc.
  • For a seven-year term, expect a more robust buildout, paid for by the landlord; this might include custom extras like a wood floor in the entry for example.

I find this to be the rule of thumb in most major North American markets. However, in the cities where there is a shortage of space, you might have a hard time even getting the carpet cleaned, especially with a short-term lease. If you need an advocate to help you find space and get the best terms possible, please give me a call at 248-817-5400.

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