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An office rental lease agreement, also known as an office space lease or commercial lease, is a legally binding agreement made between a tenant (lessee) and landlord (lessor) that outlines the terms and conditions for renting commercial office space. The tenant is typically asked to review and sign the lease agreement that is prepared by the landlord.
Commercial leases will outline terms, like rent amounts, rent escalations, what the property can be used for, who pays for expenses, and more. Understanding these lease terms is critical for both the landlord and tenant to make sure both are legally protected and happy with the deal negotiated between the two parties.
Office space lease agreements are commonly agreed for five-to-ten-year periods. The term of the lease can vary, but this is a common length. The reason is the landlord does not want to re-negotiate with a new tenant each year, and would rather find good tenants that pay rent on-time.
Meet some lawyers on our platformThere are many different types of commercial lease agreements, all of which have different implications. Common office rental lease agreement types are below:
A office rental lease agreement will have varying terms depending on the property, but below are lease terms you will typically find which are important to understand:
Within a lease agreement, there will be a section that outlines the monthly rent to be paid by the tenant. There may also be built-in rent escalations over time. It is important to understand the full costs of the lease, not just for the first year, but for all outer years where there may be rent escalations.
The term of the lease will be outlined in the lease agreement. For commercial leases for office space, it is normal to see a five to ten year lease term.
Offices typically requires modifications to the commercial space, so that the business can build out what they need. There is typically a section in the lease that outlines what the tenants can and cannot do as it relates to renovating the property.
With most commercial spaces, there is maintenance required and a need to repair things. A commercial lease will outline which party is responsible for these costs.
It can be common for tenants to sublease part of their space to another party, especially if they are leasing square footage that isn’t being used. A lease agreement will address the rights of the tenant to sublease, and the process by which they can do it.
Occasionally, businesses can get into financial trouble or a relationship between a landlord and tenant can becoming contentious. For these situations, the lease agreement will outline the acceptable reasons and process for terminating the agreement.
Whenever you are asked to sign a commercial lease agreement, we recommend seeking professional legal advice. A commercial real estate lawyer will be able to help you draft or review a commercial lease, and make sure your rights and interest are best protected.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
Texas licensed attorney specializing for 22 years in Business and Contract law with a focus on construction law and business operations. My services include General Business Law Advisement; Contract Review and Drafting; Legal Research and Writing; Business Formation; Articles or Instructive Writing; and more. I am able to draft and review contracts, and have experience with, contract law and business formation in any state. For more insight into my skills and experience, please feel free to visit my LinkedIn profile or contact me with any questions.
I am an attorney licensed in both California and Mexico. I offer a unique blend of 14 years of legal expertise that bridges the gap between diverse legal landscapes. My background is enriched by significant roles as in-house counsel for global powerhouses such as Anheuser-Busch, Campari Group, and Grupo Lala, alongside contributions to Tier 1 law firms. I specialize in navigating the complexities of two pivotal areas: AI/Tech Innovation: With a profound grasp of both cutting-edge transformer models and foundational machine learning technologies, I am your go-to advisor for integrating these advancements into your business. Whether it's B2B or B2C applications, I ensure that your company harnesses the power of AI in a manner that's not only enterprise-friendly but also fully compliant with regulatory standards. Cross-Border Excellence: My expertise extends beyond borders, with over a decade of experience facilitating cross-border operations for companies in more than 20 countries. I am particularly adept at enhancing US-Mexico operations, ensuring seamless and efficient business transactions across these territories.
