Commercial leases are used for office buildings, warehouses, or industrial premises. Retail leases include premises like restaurants, cafés, storefronts, or shopping centre spaces. Although these two kinds of leases have many similarities, they have significantly different legal requirements.

 

Whether you are a landlord or a tenant, navigating the intricacies of leasing a commercial or retail property can be challenging. The financial liability of the lease is generally a substantial portion of a business's operating expenses. Therefore, it is essential to understand all the factors affecting the lease and seek legal advice to minimise costly risks and ensure your interests are adequately protected.

 

A lease needs to set out the rights and obligations of the landlord and the tenant, including provisions for the term of the lease, rent and other payments, liabilities, maintenance obligations, bank guarantees, security deposits and termination. Ideally, commercial and retail leases should balance the needs of the tenant and the landlord while providing for various situations that may arise throughout the lease being dealt with in an equitable manner.