Updated October 11, 2023
A New Jersey commercial lease agreement is a legal document that allows a landlord to lease a property to an individual or entity for a business purpose. Commonly used for retail, office, or industrial spaces, the commercial lease agreement contains sections on rent amount, lease duration, security deposit, as well provisions about lease renewal and penalties for breach of contract. Compared to residential leases, commercial leases are longer in duration (3-5 years on average) and have fewer legal protections for tenants. It is highly recommended that a legal professional review the contract in full. Once signed by both parties, the lease agreement becomes a legally binding contract that is enforceable in a court of law.
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