Competing with other nearby centers to draw in customers can be tough. You’re in a much better position if you have high-profile tenants that make your center a destination for customers looking for these particular stores. But no matter what type of center you own, you’ll want to...
An owner is typically responsible for maintaining the common areas of its building or center, so if someone is injured in these areas, the owner is the party that will most likely have to pay for damages from an accident. If the accident was caused by a condition stemming from the actions of...
Typically, when an owner agrees to allow a tenant to assign or sublet its space, it uses lease provisions that require the tenant to give it some or all of its profits from any sublet or assignment. If your lease says that these profits include the sale of any of the tenant’s personal...
Shopping centers have been benefiting from a proliferation of kiosks and carts selling everything from hair styling tools to cell phone accessories to skin care products. Why have kiosks taken off in recent years? Kiosks have a low cost but a great potential to reap benefits. The cost of renting...
If you have a multiplex movie theater tenant in your center, you’ll want it to show the latest popular movies so that it will attract crowds. That’s because movie crowds create foot traffic and other sales at your center. The whole center can benefit from this type of tenant. And a...
Some of your office building tenants that are only halfway through their lease terms may already be complaining that their space is looking shabby and the rent they'll be paying during the last few years of their leases will be higher than the outdated space will be worth at that point. For...
Although most leases give tenants the right to a rent abatement when their office or retail space becomes unusable after a fire, flood, or similar casualty, they fail to adequately define when the abatement period will end. Merely saying that the abatement period will continue until the space is...
Your lease with a retail tenant probably gives it certain special rights and remedies. For instance, the lease may include a cotenancy clause that lets the tenant abate its rent if you don't replace another tenant—typically, an anchor—when it goes dark. Or it may include an...
Most shopping center owners provide off-site traffic improvements—such as special signage and lighting in areas leading to the center—to their tenants. These improvements benefit both owners and tenants because they help increase customer traffic, which means more sales at the center...
If the lease with your strip mall or shopping center tenant doesn't include provisions allowing you to control its right to choose and change its trade name, you are giving it the power to cause serious problems. At the very least, a tenant's illegal or unsuitable use of a trade name may...
In today's market, more tenants are leaving their leases early if their businesses are in trouble. Consequently, owners that are left in the lurch with broken lease agreements and a sudden loss of rental income must be prepared to quickly turn over tenants to fill vacant space. Creating...
When a commercial tenant stays in its space after its lease term expires, it becomes a “holdover” tenant. The most common reason for a holdover is the tenant's inability to move because its new space isn't ready yet. As a result of a tenant's mismanaging its relocation, a...
