Lease Expiration Deadlines

Timing is critical for business tenants that plan to relocate. If ta search for a new office is begun too late, the build out of the new space may not be complete until after the existing lease expires. In that event the tenant will likely face a "holdover" penalty for occupying a space beyond the lease expiration. Should a tenant acquire a new space before the lease for their existing space expires, they could be faced with double rent. While possible, this situation rarely occurs since either the landlord of the new space will provide a free rent concession or the commencement date of the lease will occur at the same time as the lease expiration of the previous lease.

It is very important for tenants not to wait for the last minute when they are searching for a new space. They should take into account to amount of time a custom build out (in the event the need one) as well as the amount of time it will take to identify a worthwhile space, negotiate business terms, negotiate final lease language.


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