People often ask why we have to do a Commercial Property Condition Report when the lease specifies that the property must be brought back to its normal order. Simply put, the lease could go for years and sometimes even 5-10 years, throughout that time amendments made such as a new office window, a new shelf, a new door – items discussed, agreed upon with the owner and tenant however not recorded anywhere. How are either party meant to remember what was discussed? The reality is that property managers change, in a commercial lease that lasts 5-10 years we can go through 5-10 property managers. We hope that isn’t the case, however we have seen year by year the amount of turnover in the real estate field.
Save yourself the pain, Commercial Property Condition Reports start as low as $150 per report, why not have one in place?