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Tenants looking for office space will occasionally consider a sublease rather than a direct deal with the landlord. Subleases can be very favorable for tenants, as they often include furniture, and even phone systems, free rent and rental rates lower than a standard lease.

As a reminder, the following information pertains to transactions with a term of at least five years. All standard build-out items should be paid for by the landlord. First, determine how your proposed layout will differ from a typical one and whether your improvements would be utilized by other tenants after you vacate the space in the future. The more they differ from the norm, the more they will be considered a special-purpose build-out and decrease your negotiating leverage for the landlord to pay for them.

Landlords require security deposits during the term of almost all leases. Most commonly, this protection takes the form of a letter of credit or cash security deposit,determined primarily by the financial strength of the tenant. However,for tenants of more limited means, a landlord may also request a personal guaranty to reinforce the contract. This document makes the signing officer(s)(the guarantors) personally liable.

The first of five videos, the first focusing on Westport.

The second of five videos, this one focusing on Stamford. If you’ve seen the recent Westport market video please scroll to 1:53 of this video for the Stamford portion. For more information on Choyce Peterson and what we offer you as a tenant click here: https://lnkd.in/e4uUXqa

The third of five videos, this one focusing on Greenwich. If you’ve seen the recent Westport and/or Stamford market video please scroll to 1:53 of this video for the Greenwich portion.

The fourth of five videos, this one focusing on Norwalk. If you’ve seen the recent Westport, Stamford or Greenwich market video please scroll to 1:53 of this video for the Norwalk portion

In the final video of our five video series you will be able to see a full market overview along with all of the towns featured. It is a good opportunity to compare and contrast various options in different towns

Many owners cringe at the thought of the taxes they will have to pay when selling their property. Fortunately, if you are reinvesting in real estate, you often can delay payment of (and sometimes avoid) those taxes.

With late October seeing record numbers of daily new cases of COVID-19, it is probably too early to tell how the pandemic will play out and what its impact will be on local economies.

Certain “events” may constitute a default of your lease. As a tenant, you should expect these clauses to cover financial distress and avoid any impact when your company is perfectly healthy. For example, when you move out for a more spacious area next door and are trying to sublease your old office, it should not be defined as abandonment as long as you continue to pay rent.

Will the development of “affordable housing” boost the local economy by bringing more employees and consumers to the local market? Will it increase traffic or overburden infrastructure in other ways?

The cost of tenant improvements assumed by the landlord, as well as the level of customization, determine the amount a landlord will amortize over the lease term. Thus, for any lease shorter than five years tenant alterations can inordinately burden the rental rate.

Great credit is widely considered the best way for a prospective tenant to go to the front of the line for competitive spaces. Security deposits can vary widely from three – twelve months and without strong financial credit, a landlord may even require a personal guarantee depending on the cost to modify a space. On the other hand, some landlords simply choose to pass on making a deal with a tenant who has poor credit.

In a lease renewal, you can change a lot more than the standard options of extending your term and reducing your rent.