If you’re a tenant, you may need to vacate your commercial premises before your lease has reached its full term. Unfortunately this situation usually causes problems for both landlords and tenants. In order to reduce some of the risks to both parties, we’d encourage you as a commercial tenant to maintain flexibility with your landlord by negotiating an option to sub-lease their premises. This means that no matter what happens in turbulent economic times, you can still cover yourself financially if you need to leave your commercial property.
It’s important to realise that a commercial sublet arrangement still places the onus on you as the primary tenant to ensure all obligations under the lease are fulfilled. In other words, any proposed sub-tenant you get in to your premises should be creditworthy, financially sound and fit well with the existing tenant mix. Provided the sub-lessee conforms to the existing lease obligations while also adhering to property use permissions, your landlord should not unnecessarily withhold your right as a tenant to enter into a sub-lease arrangement.
An effective commercial property sub-lease arrangement can also leave your landlord in a more favourable position where there are two parties committed to fulfilling the financial obligations under the lease agreement instead of just one.
If you’re looking to sublet your commercial property, using a qualified property practitioner can help you cover yourself financially by successfully negotiating a workable sub lease arrangement with your landlord. Need help? Contact us on email@example.com or on 083 261 2861.