Updated October 11, 2023
A New York commercial lease agreement is a contract for the renting of retail, office, or industrial space by a landlord to a tenant. Commercial leases, unlike residential versions, usually run for multiple years with options to renew at negotiated rents. Legally binding once signed by both parties, the document outlines all the terms and conditions of the lease, such as rent amount, security deposit, lease term, option to renew, and more. If the landlord is renting to a business entity, they will usually request the last two years of tax returns, profit and loss statements, and the credit profile of the principal owner through a rental application.
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