into your lease agreement. Building owners often grant several different types of expansion options. They let the tenant expand into more space that is currently available or will be available in the future.
HOLD OPTIONS
The tenant has a set amount of time to decide whether or not to take a defined space. At some point in the lease, this option of the space passes. This is often for the short term and the first part of a lease.
RIGHT OF FIRST OFFER
When any space becomes open in the building, the landlord must offer it to the tenant before anyone else. When that tenant turns it down, it is open to be marketed and eventually occupied by a third party.
FIRST RIGHT OF REFUSAL F REFUSAL
This provision will make landlords run any deal by you that they are close to signing with new tenants in their office space and give you the chance to match the deal or refuse it — allowing the new third party to move in. As you might expect, many times these rights are already owned by certain tenants who are already residents in that office building. You can work around this and negotiate for subordinate rights if any of the options are declines. So in that case you would be next to ask. All of the provisions are somewhat standard in corporate offices for tenants who are growing. They all add another level of convenience and flexibility.
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