Deals give tenants extra

Article Abstract:

A new type of lease has been introduced for some office occupiers where the building management and repairs are included in the lease. Extra services, such as the employment of staff and the fitting out of offices may be included. The demand for internal and repairing leases from occupants of office buildings on business parks is also growing. The system allows occupiers to increase their control over expenditure on the building whilst it also gives landlords greater influence over how the building is managed and repaired. The leases are often offered on short occupancy agreements.

Interpretation and construction, Commercial buildings, Leases

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Virtuous cycle

Article Abstract:

The number of office rental deals secured during the 12 months to June 1998 has been more than any year since 1989 and demand is likely to continue for another two years. Take-up of rental space in Mayfair, London, United Kingdom, has been especially good, with over 27,870 square meters leased in 1998. Gap rented 2,415 square meters and law firm, Doughty Hanson, paid 53 pounds sterling per square foot for rental property. Interest from Asian companies is reduced because of the strong British pound and the economic crisis in Asia.

Subdividers and developers, not elsewhere classified, Land Subdivision and Land Development, Office & Commercial Developers, Prices and rates, Rents (Property), Commercial developers

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