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Whether negotiating a lease for a new location or a renewal of a tenant’s existing location, and regardless of whether the deal is for an office, retail or industrial location, granting (or receiving) free rent needs to be part of the equation.
Tenant’s should be aware that a landlord’s concession dollars are fungible, so the more the tenant receives in free rent, the less they will receive in other areas from the landlord.
If a tenant is unsuccessful in deleting the requirement to payback the landlord any free rent granted at lease execution if there is an uncured default by tenant, they should attempt to implement a “sunset” provision in the lease, eliminating landlord’s right to recoup the free rent funds after a specified period of time.