Commercial property brings a duty of care, which looks different than the defined duties of residential landlords. The following may help you avoid pitfalls while renting or leasing commercial space.
First, commercial property owners must comply with state and local building standards. Owners should be proactive with compliance as buildings codes may change over time. Regular inspections are the best way to avoid legal repercussions of non-compliance because ultimately, your business could be impacted if safety, habitability, and accessibility are neglected.
Consider other preventative measures to ensure you continue to receive maximum return from your real estate investment. For example, anticipate likely break-ins with increased security or water damage upon the first sign of small cracks. These types of issues could cause significant loss and damage down the road, and your insurance coverage and liability increase without being proactive with maintenance and upkeep.
Furthermore, your lease may require specific maintenance duties. Prompt responses to requests for repairs are essential and will ensure good rapport with your tenant. Quality property management is the key to seeing a high yield from rental space, and can help you avoid the need for attorneys further down the road. Learn your responsibilities and remain under a current, written lease that will protect you interests.
If you have specific questions about your duties as a commercial landlord, or need advice regarding your lease, a knowledgeable attorney is ready to assist. Contact our office today.