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The process of renting a commercial building may seem straightforward to those who have never done it. Some business owners assume that once he or she has decided what space to lease, it’s just a matter of negotiating the terms, signing on the dotted line, and moving in. In reality, things aren’t quite that simple. There are actually many different types of commercial leases and business owners need to know what each of them entails so they can know what they are signing. Read on to find some basic information about eight types of commercial real estate leases.
Gross Leases
Gross leases, also referred to as full-service leases, require renters to pay only the base rent. The landlord will cover 100% of the building expenses, which typically include insurance, real estate taxes, and basic maintenance fees. They are common in commercial real estate. Business owners offered this type of lease should take a look at how much he or she will owe for common area maintenance, as this is where landlords often regain their costs spent on other services.
Net Leases
Net leases stipulate that tenants must pay some of the building’s operating expenses, including real estate taxes, insurance, and maintenance fees. The landlord will cover the rest. There are actually three types of net leases, each of which divides responsibility for operating expenses differently.
Triple Net Leases
These leases are basically the opposite of a gross lease. Tenants agree to pay all of the building’s operating expenses. The trade-off is that most triple net leases have reduced rental prices to help make up for the fact that the tenant or tenants assume all responsibility for ongoing operating expenses.
Double Net Leases
With double net leases, tenants are not responsible for 100% of operati… Read More
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