Commercial leases are required for any property that is believed to be employed for official or business reasons. In the technical sense, commercial property is a property that gets its income from non-residential sources, such as retail spaces, offices, industrial tenants, and is sold and bought to generate revenue. For the smooth processing of the property related dealing you can contact professionals like Spivey Architects.
Contrary to residential leases, commercial leases typically are more expensive than a regular lease. Additionally, it is typically with a longer-term running for five years (can be shorter) or more than an average length of eleven months, as is the case with the lease for residential properties.
How do we approach leasing commercial space?
Commercial leases are typically period-based and will be subject to a certain period at which point the lease would expire. In past times, some leases were perpetual, however, this is not the norm anymore with the property's value steadily rising and the consequent rise in rent.
Master Lease: the initial leaseholder/tenant becomes the Master tenant once the sublease is drafted.
Sublease: The owner of the property transfers a portion of all his rights in the property to an outside entity. The original tenant is now the master tenant, and the new tenant is deemed to be the subtenant.
The tenant must be fully informed of all the operational requirements and include terms that will allow him to run his business with success and to his complete satisfaction. This includes parking spaces, the place of the business as well as the surroundings around the premises, etc.