Karen Mason is a highly experienced commercial property lawyer and co-founder of Newmanor Law, a specialist real estate law firm. Here she outlines the importance of Heads of Terms in negotiating new commercial leases.
As businesses return to workplaces once again, many occupiers will be looking to either renegotiate lease terms or agree new leases to redefine their situation, given a growing acceptance that remote working will form part of the working week.
The question of space utilisation may lead some businesses to downsize, whilst others looking to space their people apart may ironically need bigger offices, or more locations.
Different requirements will mean new agreements, requiring Heads of Terms to tie down what is being agreed, with the need to secure a good long-term deal critical for businesses in the post-COVID world.