Topic
Lease administration in commercial property
Lease administration means keeping track of tenancies, deadlines, options, guarantees and financial terms. In other words, the things worth having under control before someone asks.
In brief
Lease administration in commercial property is the ongoing management of leases and everything that goes with them: rent, floor areas, indexation, security, options, deadlines, service charges and billing data.
As the portfolio grows, it becomes harder to rely on folders, calendar reminders and the feeling that things are probably under control. Good structure makes work more verifiable and less dependent on individuals.
What needs to be in place
Lease data
Rent, floor area, duration, options and special terms should be kept together.
Deadline tracking
Lease expiries, indexation, security checks and alerts should be addressed before they become urgent.
Financial data
Leases need to connect with invoicing, VAT and service charges.
Questions and answers
What does lease administration mean in commercial property?
It means keeping track of leases, deadlines, terms, indexation, guarantees and the financial processes associated with tenancies.
When should you move beyond folders and spreadsheets?
When follow-up depends on individuals, deadlines have to be remembered manually or several people need the same up-to-date lease data.
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