How Landlords, Tenants Can Navigate The Commercial Market
Three years into the pandemic, it's evident that remote or hybrid work is here to stay. In an article they authored for Business West, Real Estate attorneys Brion J. Kirsch and James F. Martin outline options tenants and landlords have in the current commercial real estate market.
For employers who have fewer on-site employees and more vacant workspace, subleasing office space can be a win-win situation, if the appropriate documentation and other steps are carried out. "With a landlord’s consent, a majority of commercial office leases allow subleasing and partial assignments. But finding an occupant to sublease part of your space is far from the final step; legalities and practicalities abound." If it wasn't an option before, there is now an opportunity for landlords to benefit long-term by allowing tenants to make modifications to their original lease, which may result in an early renewal or extension of the current lease in exchange for allowing the tenant to sublease a portion of their space.
Read the full article on the Business West website.