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Parking: Special Issues in Commercial Leases

Description

The right of tenants – and their employees and customers – to park can be one of the most important elements of office and retail leases.

Physical space is often sparse and expensive, making parking spots even more dear. Tenants want absolute rights to parking and to ensure attendant services – e.g., snow removal, maintenance, etc. – while landlords want maximum flexibility, including the right to reclaim spots.

This program provided a practical guide to spotting parking issues in commercial leases, and negotiating effective rights for your clients.

  • Demised spaces v. rights to park
  • Types of rights to park – general rights v. exclusive rights
  • Issues for lots v. parking garages
  • Duties to patrol employee use of parking spots
  • Economic issues for landlords and tenants, including CAM
  • Parking as zoning issue – ratio of office/retail space to parking spots
  • Reclamation of parking spots by landlord for later development

Contributors

  • Anthony Licata

    Anthony Licata is a partner in the Chicago office of Taft Stettinius & Hollister LLP, where he formerly chaired the firm's real estate practice. He has an extensive practice focusing on major commercial real estate transactions, including finance, development, leasing, and land use. He formerly served as an adjunct professor at the Kellogg Graduate School of Management at Northwestern University and at the Illinois Institute of Technology. Mr. Licata received his B.S., summa cum laude, from MacMurray College and his J.D., cum laude, from Harvard Law School.

    Click here for more information about Anthony.

September 1, 2022
Thu 1:00 PM EDT

Duration 1H 0M

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