There are variable options to artists in search of the best art studio in London rent. They include annual leases, month-to-month and long-term leases. Usually, most leases range within 3 to 7 years, and they do reflect the market conditions that were in effect at the start of the lease term. Therefore, is the deal broken once the company’s need for office space changes before the lease term ends? What happens in case of dramatic changes in the market scene, the good news is that there is still a ray of hope at the end of the tunnel. Relatively, a new type of lease that’s flexible has emerged that’s preferred by many business owners. This type of lease relates to the tenants and landlords in a current lease relationship who would like to extend the lease for an additional term while still in the current one. Also, the parties can alter the terms of the lease, to be able to adjust them to fit into their preferences. You therefore have to glean more information with regard to the extent and blend of the office leases as well as the advantages and disadvantages of such an office space agreement.
What You Should Know About a Blend and Extend Lease
To begin with, renters as well as commercial property owners need to keep pulses with the fact that there must be a lease between the landlord and tenant who’s the business owner. Actually, the purpose of the blend and extend lease is getting an early renewal with changes on lease term, an active lease agreement must exist at the time in which a blend and extend lease is discussed.
Being aware of the reasons why a blend and extend of commercial property lease is desirable is also an added advantage. Compared to the annual lease, commercial leases are often long when it comes to duration, making it difficult to make alterations on its terms. Therefore ,to avoid the saddening situation of having the artist studio London office space empty at the expiry of the of the tenant’s lease, tenants prefer the blend and extent lease to negotiate for favorable lease terms and office rent so the tenant remains in the premises for a longer duration.
The Pros of a Blend and Extend Office Lease
An office blends and extends lease offer many advantages. To the landlord, he or she hugely benefits from the blend and extend lease as it gives them the guarantee that that the office space won’t be vacant for a longer duration. This offers very much in the way of giving the landlords peace of mind despite the shaky rental demands that’s highly unpredictable. In fact, the landlord can cover the mortgage payments on a monthly basis without being wary of paying a real estate agent to always be on the lookout for replacements once the offices get vacant.
On the tenant’s part, arebyte London offers them the opportunity to renegotiate and alter the terms of the lease, and even the renew the lease at a lower monthly rate. With this kind of lease, the rent is the only thing that the tenant can negotiate. Other negotiable options in the new and revised rent include rental abatement, office space improvement, expansion or contraction as well as options to renew the lease.