Property Management and Leasing Agreements: Key Provisions for Multifamily, Office, Retail, and Industrial Properties

Description

Property managers control the day-to-day operations of most commercial real estate. The management agreement should thoroughly delineate the manager's responsibilities and address how various costs and liabilities will be allocated between the parties. Counsel must know key provisions to include in a property management agreement, and when an alternative management structure (such as a separate asset management agreement) might be appropriate.

Leasing authority will vary depending on property type. Multifamily property managers are typically authorized to enter into residential leases on a standard form. Property management agreements involving retail or office management may require owner approval of every lease, leases of a certain size, or leases that vary from an agreed form. The agreement may also address build-out or construction work.

Many states have licensing requirements for leasing activity. Counsel must address contingencies and licensing requirements based on the property type and the engagement.

Listen as our authoritative panel discusses the provisions commonly found in property management and leasing agreements, and how leasing, fees and commissions, build-out, early termination, staffing, and other provisions might vary with the property type and the engagement. The panel will also discuss alternative management documents such as master leases and asset management agreements and the circumstances in which they might be used. Finally, the panel will discuss the typical licensing requirements that may exist under state law.