Cover Five Key Issues When Negotiating Refurbishment Allowance
At some point every office building or shopping center—even new and top-of-the-line properties—becomes dated. An owner might update common areas or freshen the exterior of the property, but your space will be your responsibility to keep up to your standards. You might’ve received a tenant improvement allowance (TIA) at the beginning of the lease term to outfit the space properly for your business. But what happens when well into the lease, the space needs certain items replaced or improvements made?