Commercial Lease

A commercial lease is a rental agreement between a lessor and a lessee which is usually a business or person operating a business enterprise. There are a variety of names for commercial leases most based on the terms of the lease. Lease agreement terms can include whatever the lessor desires within the realm of law. Terms generally require monthly payments that can include rent, prorated portions of taxes, common area maintenance, utilities, and other costs and expenses incurred with commercial real estate. Special terms in a commercial lease agreement might address signage, insurance requirements, cleaning, painting, parking, and trash removal. Many of the laws governing commercial leases are from state and municipal governing bodies. Landlords often have many of the same rights as residential property owners and can evict commercial tenants who do not pay the specified rent or otherwise violate the terms of the lease agreement.

Fast Facts

  • A seven per cent or less vacancy rate at any time in most commercial property is expected.
  • Investors shy away from most single use commercial property such as gas stations.

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