What should I ask about the building lease terms behind a meeting space business?

Read the whole document, not a summary. Mark the length remaining, any option to renew and how the renewal rent is set. Look at how increases work, what extra costs fall on the tenant, and who is responsible for the roof, heating and cooling, elevators and common areas. Ask for statements of the extra charges over past periods.

Next, look at the clauses that matter to this business: signage, hours, noise, shared entrances, parking, and permission to rework the rooms or add equipment. Check whether the space can be shared or sublet if bookings slow. Ask whether the landlord has any rights that could disrupt events, such as access for repairs.

Last, ask how the lease transfers. Many leases need the landlord’s approval, and some allow changes in terms at that moment. Talk to the landlord early. Have your lawyer review the lease, and treat approval of the transfer as a condition before you commit. Ask for any notices received from the landlord, records of disputes and proof that rent and charges are current. Confirm who insures the building and what you would need to carry. Find out whether any planned work nearby could affect access or parking for your events.

Key takeaways

• Get the whole lease and amendments and mark term, renewal and rent changes.
• Check clauses on signage, noise, hours, parking and changes to the rooms.
• Make the landlord’s approval of the transfer a condition of your offer.