This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Massachusetts Expansion Option Clause
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FAQ
Regarding tenancies-at-will, Massachusetts law mandates that landlords provide tenants with at least 30 days' notice before raising rent or if longer, a period equivalent to the frequency of rental payments.
In terms of commercial real estate, expansion options provide tenants with the choice to add more space to their rented premises. Typically, this would apply to an office space or retail location where the tenants seek to expand into an adjoining space.
What Are Expansion Clauses? An expansion clause is something that can be negotiated into a commercial real estate lease that allows the tenant guaranteed or preferential rights to expand within the building or portfolio from which they are leasing.
Rent Increases: There is no legal limit to the amount of rent a landlord can charge. However, in order for the rent increase to be valid, the landlord must provide the tenant proper notice of the raise in rent and the tenant must agree to it (signs the lease with the new monthly rent).
A Tenant at Will is one who occupies a rented apartment without a lease, but pays rent periodically (typically monthly). Either the landlord or the tenant may terminate this arrangement at any time by giving written notice of 30 days or one full rental period in advance, whichever is longer. No reason is required.
Ten months into the year, rents in Boston have risen 6.7%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to October 2022 rents had increased 7.2%.
The amount of notice will depend on the length of the lease term: Monthly Leases - Either 30 days or a number of days equal to the interval between each rent payment. Yearly Leases - Three months of notice, as long as the payment intervals are three months or longer.
Your landlord must send you a "14-Day Notice to Quit" if terminating your tenancy for non-payment of rent (M.G.L. c. 186, § 12). If it is being terminated for any other reason, you must be given written notice 30 days, or one full rental period in advance, whichever is longer.
The expansion clause in commercial leases is a negotiable agreement between the landlord and tenant that permits the tenant an equitable right to expand within the building or property they are being leased.