Renovations and build-outs happen all the time when someone wants to rent office space here in Orange County or elsewhere. As the construction progresses, workers may come across asbestos, which needs to be handled carefully in order protect people from exposure to this toxic substance and human carcinogen. When a landlord fails to properly handle this situation, it could lead to illnesses and litigation.
Owning commercial property here in Orange County could provide a lucrative source of income. However, before becoming a landlord, a property owner may want to do some research. Otherwise, the experience may not be as positive as both landlord and tenant expect.
Finding rental space in a new building may seem like a stroke of luck to some Orange County small business owners. New buildings often come with "bells and whistles" not yet offered in older buildings. This may cause a prospective commercial tenant to think that it will not be necessary to have a significant tenant improvement allowance from the property owner.
Some rental relationships do not work out as the parties intended. One of them may not fulfill the obligations outlined in the lease. If a commercial tenant believes the landlord has breached the lease agreement, the first inclination may be to file a lawsuit pursuing monetary and/or non-monetary restitution. However, litigation may not be an option -- at least not right away.
Finding the right property to rent here in Orange County could take some time. A potential commercial tenant considers a variety of factors in choosing a place to set up shop, and the landlord ought to be one of those considerations. In fact, doing some research of a potential landlord could end up saving a tenant some headaches later.
Many Orange County property owners believe that their general liability insurance policies are enough to cover anything that could happen on the property. However, that might not be the case when it comes to the commercial tenants occupying the building. Since that is a special relationship, a landlord may want to obtain some extra protection for issues that arise with a commercial tenant occupying the property.
Finding the right retail space here in Orange County can take a long time. Once a commercial tenant finds it, a lease is signed for a specified period of time after negotiating its terms. One of those terms may have been the option to renew.
The cost of everything continues to rise. Most people who live in California are well aware of this fact as the cost of everything from groceries to real estate keeps going up. When it comes to owning commercial rental property, a landlord may struggle with the rising costs of construction.
Sometimes, business relationships do not work out as intended. The lease arrangement between a commercial tenant and landlord could degrade to the point where eviction becomes an option. However, a California property owner cannot simply tell a renter to leave. A legal process must be followed first.
One of your criteria for a rental space here in Orange County may be that you can customize the space to fit your needs. More than likely, this will require some construction, and how this is addressed in your lease makes a difference. As a prospective commercial tenant, you have the right to negotiate the construction that takes place in the space you intend to rent.