Your landlord is tracking critical dates, down to the minute. Are you?
Guest Post by Sara Stanley, MCR, Managing Director at Commercial Tenant Services, Inc.
As a tenant, it is essential to be aware that landlords are meticulously monitoring critical dates related to your lease agreement. Missing timelines is a common expectation, and landlords often have these as liabilities on their books until the matter is resolved.
Due to changes in personnel, or being pulled in different directions, there are numerous instances where tenants (or their brokers/Lease Admin teams/Corporate Legal) overlook crucial dates, such as options or Tenant Improvement Allowances (TIA). These missed opportunities can result in significant financial losses, amounting to hundreds of thousands of dollars. Landlords often capitalize on such breakdowns in the tracking system, gaining the upper hand and potentially reneging on promised TIA and options, which is why they may agree to such terms in the first place.
Even if you are in constant communication regarding a project, landlords typically refrain from reminding tenants about upcoming expiration dates. Additionally, permit processes have been experiencing extended timelines, making it even more critical for tenants to act promptly to avoid financial setbacks.
Make sure your service provider has a 100% success rate in identifying options, TIA, and other vital dates. Many tenants realize their tracking systems may not be as foolproof as originally thought.
Sara Stanley, MCR, is Managing Director at Commercial Tenant Services, Inc.