If you are looking to rent Overland Park office space for lease for the first time, you might want to be familiar with some of the basic vocabulary of the commercial real estate market:
Someone who rents property to another (also known as a “lessor”); an owner of property who hands over their right to use that property to a tenant for a specific period of time in exchange for rent. A landlord still holds the title to the property, but the lessee’s (tenant’s) rights are spelled out in a contract called a lease.
A legal agreement in which a lessee is allowed the use of real or personal property of a lessor in exchange for a rental charge. This contract might provide for restrictions, the purpose of the use of the space, and the length of the lease.
A legal contract between the landlord of a piece of property and a potential lessee in which the landlord gives the potential tenant the first chance to buy that property up to a certain date and for a fee.
Right of First Refusal
The opportunity given to a tenant to match the terms of proposed contract for another space before that space is rented out to another potential lessee.
In general business terms, this refers to the price that buyers and sellers of a product (in the case of commercial real estate, a piece of rental property) have agreed upon in accordance with supply and demand.
A price spelled out in a certain type of contract. This price is predetermined and invariable, versus dependent on the costs of production.
These are just a few terms to be familiar with as you negotiate for the best possible Overland Park office space!
If you are looking to learn more about available space in Overland Park, give us a call at 913-685-4100!