• Last Updated:
  • Apr 9th, 2021 9:10 am
[OP]
Jr. Member
Sep 20, 2015
139 posts
36 upvotes
Brantford, ON

Comercial lease extension

In need of some help. I had recently taken over a comercial lease which would be up this year. I did not know I had to give notice 8 months before the lease ends to get an extension. I've taken a load to purchase the business and have only been in the space for one year. I had no late payments for rent. Now the landlord is refusing to renew my lease and wants me to vacate the property when my current lease is up. Looking for some advice on what options I have? Thanks.
3 replies
Newbie
Sep 23, 2010
15 posts
23 upvotes
Toronto
Welcome to commercial leases. Everything you need to know is on the lease agreement - It's not like residential leases. Get ready to get dirty and fight for your business.

Two type of people can help: a lawyer with real estate experience (who can interpret the lease to everyday language and maybe find an out - not likely if the lease is anything normal), and a real estate broker, who knows how to negotiate with landlords - I'd probably start with the real estate broker, as you're probably going to have to get comparable quotes on alternative spaces to be able to negotiate a new lease. (Fortunately commercial real estate is in the dumps right now).

Basically put: The landlord knows it'll cost you $10k to move, so for you to stay he wants $9500.
Member
Jul 31, 2017
332 posts
344 upvotes
Toronto
Unless he has some personal reasons for wanting the space back, he either thinks he can get more money with a new lease/renter or he doesn't want whatever your business is in his space. If its the latter, then you can't do much, if it's about the money, then you can just make the decision as to whether you can afford the going rate for that space. Not being intimately familiar with the most important part of any business in a leased space is not your landlords problem, he's in business to make money too
Sr. Member
May 29, 2012
541 posts
201 upvotes
Southern Ontario
BoatyMcBoatface wrote: Unless he has some personal reasons for wanting the space back, he either thinks he can get more money with a new lease/renter or he doesn't want whatever your business is in his space. If its the latter, then you can't do much, if it's about the money, then you can just make the decision as to whether you can afford the going rate for that space. Not being intimately familiar with the most important part of any business in a leased space is not your landlords problem, he's in business to make money too
basically this. probably thinks he can get more rent with current markets rates. Whether that's the case or not its what they think. Best tor try a negotiate

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