Ensure Promised Pre-Lease Work Is Completed by Owner
Most tenants, whether in an office building or retail space, need at least some improvements in order to make the space usable. So it’s common for owners to agree to make and pay for even extensive improvements, through a tenant improvement allowance (TIA), to entice tenants to sign a lease. But tenants often run the risk that the work the owner has agreed to do won’t get done. And that can create costly problems for you and affect your operations. For example, the owner may run short of cash to pay its contractor, leaving you stuck with space that you might not be able to use.