I saw the above sign many years ago and it reminded me of the times that people can run up against deadlines, target dates, etc and wonder where the time had gone. It sounds a bit like cramming for school exams – when students leave it until the last minute.
In commercial real estate, it is essential that deadlines are not missed as it can affect the Landlord’s rights under the terms of a lease.
This could be the market rental review procedures, asbestos audits, bond refunds, etc.
As an example, defined target dates can relate to giving the tenant enough notice to renew their lease or even notifying them that a new lease will not be offered if they don’t have an Option Term in the lease. Either way, missing deadlines can mean that as much as six (6) months could be added to a tenancy. This may not be ideal if a Landlord is seeking to secure the property for redevelopment purposes or if they wish to establish their own business in the property.
A professional Commercial Property Manager has procedures and checklists in place to ensure these dates are scheduled, notices issued, then follow up contact is made, so that appropriate responses received.
To best guard your lease obligations and deadlines, please contact our Commercial Division and allow us to assist you in managing your property in a timely manner.