Office Space Terms To Know Before Leasing
When you’re looking for the best office space near you, in the Capital Region or beyond, it’s important to know all the terms you may be reading in a lease. The Anderson Group is here to help with some key office rental terms you may see.
Common Area Maintenance (CAM)
Costs that derive from the care of building areas that are used by all tenants. CAM areas can include spaces such as hallways, lobbies, restrooms, sidewalks and parking lots.
Double Net Lease (NN)
Incorporates taxes and insurance into your lease payment, but the landlord is responsible for paying maintenance costs.
When you sign a gross lease, you agree to pay for your space’s square footage, and your landlord agrees to pay for all other operating expenses, including utilities, maintenance, insurance and property taxes.
A blend of your office square footage plus a percentage of the square footage in the building’s common areas.
Improvements and Alterations
Construction or modifications done to a space, sometimes as a response to a tenant’s request
Maintenance and Utilities
Included in a clause that spells out your responsibility to maintain your leased space.
An agreement where the tenant pays rent along with additional costs associated with the property
How a tenant is allowed to use their premises during the terms of the lease
The exact area a tenant will be renting in their lease
The right to extend the term of your lease for a fixed period of time
The start and end dates of your lease
Triple Net Lease (NNN)
A lease agreement where the tenant (or lessee) is responsible for the property’s ongoing expenses, including real estate taxes, building insurance, and maintenance, in addition to paying rent and utilities.
Covers tenants’ personal possessions, liability and additional living expenses
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