- How does COVID-19 (Coronavirus) affect my commercial tenancy?
On May 25, 2020 the government opened the CECRA application process for Canadian businesses. To find out what resources are available to you, please review the information provided by the Government of B.C. here.
- What is type of commercial property is suitable for my business?
Commercial property is typically described as office, retail or industrial. Finding the right fit for your needs will depend in part on zoning and other municipal requirements, so we suggest discussing your intended use with the appropriate municipal authorities before investing heavily in a search for space.
- What are my rights and obligations as a tenant?
Commercial tenancies are generally subject to detailed lease agreements. Please refer to your lease agreement or contact your property manager if you have specific questions related to your responsibilities as a tenant.
- What is base rent and why is it separate from operating costs/additional rent?
In a typical commercial lease, there are two parts of rent payable to the landlord. Base rent is the negotiated amount payable to the landlord. The operating costs are then added to the base rent to form the total rent payable. The operating cost portion reflects the actual costs to operate the building, while base rent is the rent net of operating costs paid to the Landlord.
- What are operating costs or triple net expenses?
Operating costs are the expenses incurred in maintaining and running a building or property. This may include property taxes, building insurance, common area expenses, snow removal, landscaping, management fees, janitorial and more. The Tenant typically pays a proportionate amount of property expenses based on the area they occupy. The operating costs charged to tenants are an estimate of the actual expenses and are reconciled each year.
- What is the difference between a ‘net’ lease and a ‘gross’ lease?
A gross lease charges a lump sum amount per month, which includes both base rent and the tenant’s share of the operating costs for the building. A net lease refers to a lease in which both base rent and operating costs are charged separately to the tenant, usually expressed as dollar amounts per square foot. Net and gross leases are subject to GST.
- I am looking for space for my business, but your current listings do not feature what I am looking for. Can you recommend other space that may not be listed with Equitex?
If you do not see a listing that suits your business needs, please contact our office to speak with a commercial leasing agent who may be able to assist with your search for the perfect space. Equitex has over thirty years of experience in the Victoria market, so we have established relationships with many agencies and landlords in the city. We can provide a comprehensive view of available space regardless of who has the space listed for lease.