Leasehold improvements (or tenant improvements)
Renovations to a leased commercial real estate space to make it suitable for your business. Unless otherwise specified in the lease, any improvement that is attached to the building usually becomes the property of the landlord—meaning you can’t take it with you when you move out. Get advice from a commercial real estate lawyer at FH&P Lawyers when negotiating a lease to seek exclusions for assets that you want to take with you when you leave.
Elements of a commercial lease agreement
A commercial lease agreement is a contract, so it must include certain elements and key information for it to be valid and enforceable. At a minimum, information regarding the rent, security deposit, lease duration and any additional costs the tenant may be subject to should be clearly defined within the lease. Small business owners should be aware of the difference between exclusive and permitted use.
