Blend And Extend With Tampa Office Space
If you have been looking for Tampa office space for your business, you would be glad to know that there are quite a few options available with regards to the types of leases. Long term, annual and monthly being the most common choices, as an industry norm, a majority of the leases are long term, in the range of 3-7 years, and the conditions are basically depending on the market scenario at the time of the start of the lease. However, this poses a problem for entrepreneurs that are faced with the problem of changing business needs from time to time. This could be due to the fluctuating stock market, rising or lowering of client demands, and so on.
Many might think that the Tampa office space owner is stuck in such a scenario. However, that is not the case. A new kind of lease option has made its way in the market, much to the delight of businessmen. Known as ‘blend and extend’ leases, this kind of an arrangement refers to a situation where in a landlord and a tenant are in the middle of the lease term, but want to extend the lease for an additional term. The major advantage to both parties is that they can change the terms of the lease.
The only prerequisite to avail a ‘blend and extend’ lease is that there must be an existing lease in place, since the basic purpose is to get an early renewal on the Tampa office space. And the main reason why even landlords are willing to go for such kind of an arrangement is because even they want to make the most of the current situation. For instance, if they see that an organization having its office at their premises is doing exceedingly well and would like to continue, they might go ahead and change the terms to solve their purpose to a greater extent.
Further, another benefit to landlords is that they can rest assured that a steady income will continue for them, since their office space would not be vacant for a long time. Incidentally, this is one of the biggest fears they have, that of investing in a commercial space that does not find tenants either due to lack of demand or seemingly high rent, in most cases. It also means that the landlord would not have to pay a real estate agent for finding prospects in the future as well; clearly indicating a win-win situation.
Asher Aubrey is an experienced professional in the US realty market having an experience of more than 15 years. Currently, he teaches at architecture classes in major universities, and writes about the importance of finding the right office space. This article is about Tampa office space.
Related Office Space Articles