Expansion options allow a tenant to have preferential rights to expand within their current building. There are three common types of these lease clauses, and all have distinct advantages as well as some aspects to be wary of.

The options include the Right of First Offer, the Right of First Refusal, and the Put option. These allow tenants to have the first right to lease newly available space, expand into a space that has already been negotiated for by another prospect, or grow into additional space over time.

It’s important to know that landlords are often hesitant to include these expansion options in their leases. Our advice is to make sure you have a broker on your side who understands the intricacies of your options and can help set your business up for success.

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If you would like to discuss expansion options for your business, reach out to a Rokos broker today. We are here for you and happy to help.