When you originally sign a lease agreement on a commercial space, its expiration date may seem so far out into the future that it is the least of your worries. However, once you finally settle into the space, it may seem that your landlord expects you to pack up and go. This is why it is common for commercial tenants to renew the lease on their current space rather than constantly move around. After all, staying put may work to their business’ benefit, which is what this space is likely used for. Continue reading to learn how to renew your commercial lease and how an experienced New York City real estate attorney at Zimmet Law Group, P.C. can help execute the necessary negotiation proceedings.
How do I renew my commercial lease in New York City?
Even if you have the slightest consideration for renewing your commercial lease in New York City, your first initiative should be to circle back to your original lease agreement. This is because you should confirm the exact date on which your lease is set to expire. On average, the base term for commercial leases in New York City is five years. Then, you should verify if your agreement offers the option to renew within its terms and conditions at all. Usually, the offered renewal option sets a shorter term than its base term, at approximately three years.
What’s more, you should check if your landlord has set any notice requirements for when you may exercise the option of renewal. This is because missing this notice deadline by even just one day may bar you from this opportunity. Lastly, once you are certain that you are willing and able to renew your commercial lease, you should retain the services of a seasoned real estate lawyer. This is because a legal representative may be better able to negotiate a new and improved lease agreement for the commercial space.
How do I terminate my commercial lease?
On the flip side, you may find yourself in a position where you want or need to terminate your commercial lease agreement prematurely. With this, the first thing you may want to do is simply ask your landlord for permission. If they end up permitting this, you may want to get this agreement down in writing.
Or, you may want to, once again, revert to your original lease agreement. Here, you may find an early termination clause. This clause may allow you to break your lease prematurely if you meet explicit terms and conditions.
In conclusion, you should not renew or terminate your commercial lease agreement without the strong legal representation of a skilled New York City real estate lawyer. So contact our firm, Zimmet Law Group, P.C. today.
