Commercial lease renewal? Ok to negotiate?
Hello,
Looking for some info on how to proceed with the commercial lease renewal?
We are currently leasing a warehouse and office space in Vaughan, have been there for 5+ years now. Our lease cost was reasonably steady in first years, but for past 3 years landlord started to raise the price claiming maintenance increases by the condo corporation. Our neighbouring units are owned, when we spoke with the owners they said that corporation has not raised maintenance costs in a long time now, plus there is no actual repairs/maintenance that landlord does inside our unit.
Our lease is still quite reasonable compared to other available units in the area, so it might be that they are trying to make up their returns on their investment.
What would be the best way to negotiate a new lease agreement if they try to increase the cost again? Would we just ask them to send in a new lease and just counter offer? Just don't want to be taken advantage of specially in this tough times, and don't want to spook the landlord so they don't renew our lease.
Thanks for your help
Looking for some info on how to proceed with the commercial lease renewal?
We are currently leasing a warehouse and office space in Vaughan, have been there for 5+ years now. Our lease cost was reasonably steady in first years, but for past 3 years landlord started to raise the price claiming maintenance increases by the condo corporation. Our neighbouring units are owned, when we spoke with the owners they said that corporation has not raised maintenance costs in a long time now, plus there is no actual repairs/maintenance that landlord does inside our unit.
Our lease is still quite reasonable compared to other available units in the area, so it might be that they are trying to make up their returns on their investment.
What would be the best way to negotiate a new lease agreement if they try to increase the cost again? Would we just ask them to send in a new lease and just counter offer? Just don't want to be taken advantage of specially in this tough times, and don't want to spook the landlord so they don't renew our lease.
Thanks for your help
