Question By: Choosing a commercial lease depends on how you want to share responsibilities with the landlord. Here are the main types:
Gross Lease (Full Service Lease): This is the simplest option for tenants. You pay a fixed rent that covers everything – base rent, utilities, maintenance, property taxes, and insurance. It's predictable but may be less cost-effective if you're frugal with utilities.
Net Lease: Here, you pay a base rent plus a share of operating expenses. There are three variations:
- Single Net Lease: You pay rent, utilities, and property taxes. Landlord handles insurance and maintenance.
- Double Net Lease: You cover the above plus property insurance. Landlord takes care of common area maintenance and repairs.
- Triple Net Lease (NNN Lease): You're responsible for rent, utilities, AND most operating expenses like property taxes, insurance, and maintenance. This gives you the most control over costs but requires the most financial responsibility.
Rest assured, your peace of mind is just a phone call away. Keller Law Group is dedicated to serving clients across DuPage, Kane, and Will Counties in Illinois. For more details, visit: https://www.lawkeller.com/2024/06/10/key-points-to-know-about-illinois-commercial-leases/.
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