If there’s one thing that you likely understand as an Atlanta area business owner, it’s that the market in any industry can change fast. What may have seemed like a great location for your business may not turn out to be great for you, after all.
Commercial leases are notoriously long-term. You may still be able to pull out of it, however, with the right approach.
Options for breaking a commercial lease
One of the first places that you’ll want to check if you need to break a commercial lease is in its terms and conditions. It will list the various instances in which you can lawfully pull out of this contract. The terms may specify that you’d owe the remaining balance unless you have a justifiable reason for requesting a release from it. The contract may allow you to get out if a landlord doesn’t live up to their obligations, including failing to provide adequate security or maintain their property in good condition.
You can also benefit from discussing your desire to be released from your lease early directly with your landlord. You may find that a landlord will graciously terminate your lease because to allow for a higher-paying tenant to move in. Perhaps a sublease is possible, particularly if you are nearing the end of your contract term. You would still be responsible for the lease unless the landlord agrees to do a lease assignment, which means you could transfer your remaining interests to the new tenant.
The role of an attorney in breaking your commercial lease
Contracts such as leases can be challenging to understand. Don’t make the costly mistake of moving out of your Atlanta commercial space without first consulting with an attorney who understands both real estate and small businesses and how they intersect. Your lawyer can advise you on how to reduce your legal liability and costs.