Why A Denver Tenant Attorney Needs To Review Your TIA Terms
You’re building your business and moving into a new space. That’s fantastic. Congratulations!
Now it’s time to get that space ready. Hopefully, your commercial real estate broker is advising you to have a Denver commercial real estate attorney review your Tenant Improvement Allowance terms.
When leasing commercial space in Denver, the stickiest part of the process is often negotiating a TIA that gives you the right amount of control without costing you more than your fair share for capital improvements to your new landlord’s property.
Looking out for you as the tenant
In most cases, the landlord or landlord’s attorney will have prepared the lease document. It pays to have your own attorney review the entire lease so you have a lawyer looking out for you as the tenant.
Often the most important piece of a lease is the TIA terms. You don’t want to be stuck paying several extra dollars a square foot for improvements that will ultimately benefit your landlord and his or her building. Nor do you want to be forced to pay rent on a space that was improved without your direct input and that doesn’t suit your needs.
So, what terms are best for tenants?
Turn-Key Tenant Improvement Allowances
Turn-Key TIA means the landlord will cover all of the expenses and usually do all of the contractor hiring. While some of the expense could be expressed in the lease rate, turn-key is usually considered the most advantageous for tenants because it doesn’t require any cash upfront from you.
Make sure you have a say in your tenant improvements
You’re going to be conducting business in this space. It’s essential that it reflect your corporate culture, your values and priorities. It can only be designed to suit your business if you are part of the planning process. Make sure your lease doesn’t just allow for your input, but demands it.
Why a Denver tenant attorney needs to review your TIA terms
A qualified Denver commercial real estate attorney will be able to review your TIA terms to identify language and issues that could leave you disappointed either with your space or with your expenses.
Commercial leases are long lasting and they can be crippling to business if they’re poorly conceived. The qualified commercial real estate attorneys at Farncombe, Schultz, and Farncombe are happy to thoroughly review your TIA terms and the rest of your commercial lease to protect you and your business. Contact us to schedule your consultation.
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