15.02.2022 - Lease expiry day  - all the details

What to do if a commercial real estate lease contract is coming to an end? At the end of any contract, either party must decide whether to renew it or not.

The lease contract usually includes its duration and the extension terms. Generally, a party wishing to extend the contract or terminate it is given a period in which it must notify the other party of its intention. The Notice is usually provided within 2-5 months prior to the contract expiration. If a company has a low cost small office rent, a notice period of one or two months is given. This is due to the fact that it is possible to find a new C class ready office for rent even in a week, so the notice period does not play a big role. However, if a company has an A and B class large office rent, it takes a significant period of time to find a luxury real estate rental of a large size. The searching period is better to be fixed in the contract.

If the company decides not to extend the lease contract and fails to provide the owner the extend notice by the end of the lease, the owner may begin showing the space to other tenants. The tenant and the owner must discuss in advance and prescribe the conditions and time of visiting the territory where the company will be located, in case the lease contract non-extension, before renting an office.

When a company moves out of an office rented, the owner, based on a standard clause in the lease contract, may oblige the tenant to restore the premises. Practically, if the leased premises have always been maintained in good condition, its transfer is limited to its clean appearance and usable condition, taking into account natural wear and tear. However, if the commercial property is in a rather ambiguous state, the owner may still demand that the premises be restored. The security deposit is available for these purposes. A certain amount will be deducted from it to ensure the relevant work making by the owner.

Well, if you are looking for an office for rent and you are interested in a long term office lease, please contact our specialists. They will help you find and rent an office in a business center in Kiev.