Leasing Terminology
If you happen to be a novice to the concept of leasing office you’ll probably be surprised at some language inside your lease contract. One common add-on is rent escalations. Rent escalations are determined by the terms of your lease contract with the office landlord. As many leases are extensive in nature, and property owners need to try to avoid rising costs for property taxes, utilities, building maintenance, and other rising costs, property owners will usually add a section for rent escalations. These represent your share of the buildings rent escalations and are usually increased each year. There are some office suites in Charlotte that don’t have these increases, or long-term leases.