The power dynamic between tenants and landlords in commercial leases can often seem like that between a managing partner and first-year associate or, as Rebecca Tzou of Kelley Drye & Warren explains, “wildly skewed in favor of the landlord.” To help, she has some ideas on how to negotiate and “return some balance to the relationship.”
Don’t Go With Just Any Broker
Take time to select an enthusiastic and knowledgeable broker, suggests Tzou. Be sure to watch out for divergent interests too, she warns, since the broker is usually paid by the landlord. By choosing one that is “tenant-protective,” you can gain specific market knowledge “that will lend credibility to a tenant’s position in the lease negotiations,” she says.
Customize Your Letter of Intent
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