Q: What is the minimum required lease term?
The answer varies depending on the type and location of the space you are leasing.
Typically we require a 3-year lease term minimum for most spaces. We do have exceptions to this minimum based on the level of buildout and amenities within the space. For example, an empty warehouse at The Alley with no buildout, no HVAC, and nothing additional added into the suite may have a shorter lease term than a loft-style office space at The Alley.
We are happy to discuss each suite's individual lease terms with you and are open to negotiating lease terms on an individual basis as well. Typically, if a tenant requests a shorter lease term, their monthly lease rate may increase.
When a Tenant chooses to hire Ocean Management in-house to make modifications to their space, we generally require longer leases based on both economic sense for the monthly lease rate and a return on investment for the buildout.
Last Updated: 7.28.2023