Use Caution When Considering Leasing Unused Common Space

Use Caution When Considering Leasing Unused Common Space



By Andrea Brescia

With the rise of mixed-use spaces, the convenience—and financial benefit—of having a popular bakery or a national bank locked in for a 10-year, income-generating lease may seem like an attractive option for a common area that’s going largely unused in your community. But proceed carefully: A steady stream of income from potentially high rents comes with a lot of advance planning and possible barriers that include issues with legality, zoning, governing document restrictions, and accommodations for persons with disabilities.

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