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Some of the critical issues discussed by the panelists included lease terms and base rent, rent commencement date, operating expense escalation and real estate taxes.
For this reason, Felsten advises including both some kind of operating expense escalation and Consumer Price Index escalation to protect the owner from the "ravages of inflation.
From an owner's point of view, Felsten said in an article for the Real Property Law Section Newsletter, the operating expense escalation does not operate effectively because of disputes, differing based years and defaults by tenants.
The group covered existing leases, renewals, below grade space, renewal commencement date, terms and base rent as well as tenant improvement, cash allowance, operating expense escalations and real estate taxes.
operating expense escalations, service billings, and a lack of adequate document and billing verification by the tenant, many commercial real estate tenants are being overcharged by many landlords.
Operating expense escalations are not a glamorous part of managing real estate.
This article deals with the issues relating to how landlords charge tenants for operating expense escalations and highlights some of the areas on which tenants should focus when negotiating a lease.
include the use clause (which sets forth the various uses for which the tenant is [and is not] permitted in the premises), the assignment and subletting provisions (which set forth criteria governing the tenant's right to transfer its interest in the lease and to permit others to share the premises), the alterations section (which regulates the tenant's ability to make physical changes in the premises), the operating expense escalations clause (which sets forth certain costs of operating and maintaining the building which the landlord may pass through to the tenant), and the indemnification provision (which protects each party from the actions of the other).
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