{"id":228774,"date":"2025-03-05T13:20:03","date_gmt":"2025-03-05T00:20:03","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=228774"},"modified":"2025-03-11T12:37:01","modified_gmt":"2025-03-10T23:37:01","slug":"standard-term-lease","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/property-and-leasing\/standard-term-lease\/","title":{"rendered":"What is the Standard Term of a Commercial Lease Agreement?"},"content":{"rendered":"\n<p>A commercial lease agreement is a binding document between you and your landlord. It can set out many clauses that you both have agreed upon. As a tenant or someone about to sign a commercial lease, you may wonder what the standard term is for a lease agreement. The standard term can vary across lease types, depending on what the landlord wants and what you need. This article will outline:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>what a commercial lease agreement is;&nbsp;<\/li>\n\n\n\n<li>the standard terms; and&nbsp;<\/li>\n\n\n\n<li>what lease may best suit your business.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What is a Commercial Lease Agreement?<\/h2>\n\n\n\n<p>A <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/what-are-the-legal-elements-of-a-retail-or-commercial-lease-in-nz\/\">commercial lease<\/a> can either be a short-term or long-term lease. Long-term leases should be recorded in writing. Short-term leases can be <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/oral-agreement-lease\/\">made orally<\/a> under the <em>Property Law Act 2007<\/em>. If you want the lease to be enforceable under the law regardless of the time period, the lease should be in writing and signed by both parties. The lease should include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>rights for renewal;<\/li>\n\n\n\n<li>a <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/commercial-lease-description-of-premises\/\">description of the premises<\/a>;<\/li>\n\n\n\n<li>the ability of the landlord to cancel the lease due to breach of lease or failure to pay rent;<\/li>\n\n\n\n<li>your right to exclude others from the property; and<\/li>\n\n\n\n<li>the lease term, or how long the lease will last.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The Property Law Act regulates critical elements that every commercial lease needs to have, such as the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the lease must be for a time period that is certain;<\/li>\n\n\n\n<li>leased premises should be specific;<\/li>\n\n\n\n<li>you have a right to exclusive possession of the commercial property;\u00a0and<\/li>\n\n\n\n<li>the lease must be made as a legally binding contract.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Standard Terms of a Lease Agreement<\/h2>\n\n\n\n<p>The standard lease term is the average time a commercial property is leased out. It is essential to understand the standard term of your lease to give yourself the flexibility to move while also providing the landlord some stability regarding rent. Long-term and short-term leases will have different terms, and your purpose of renting a property may affect your desired term further.<\/p>\n\n\n\n<div  class=\"box box--icon box--star\">\n    <p>A short-term lease usually lasts around six months; however, if you desire more stability in your lease and prefer to stay in one location, you may want to extend the period to nine months. It is also possible to have a short-term lease with a renewal clause.<\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Periodic Leases<\/h3>\n\n\n\n<p>If you have a periodic lease agreement, there is no specified end date. For this type of lease, the lease will continue until you or your landlord provides written notice to end it. Commonly, people have a six-month lease term to trial the premises to see if it suits their business.&nbsp;<\/p>\n\n\n\n<p>A periodic lease can help you test the market and relocate quickly if your business calls for it. However, commercial periodic leases are uncommon. This is because it is quite risky for a business, as moving locations is often expensive.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Long Fixed-Term Lease<\/h3>\n\n\n\n<p>Meanwhile, a fixed-term lease will last for a set amount of time. There is no maximum length for the lease, although you cannot end this lease earlier than the specified date. Once your fixed-term lease ends, it will automatically convert into a periodic lease until it has been renewed or terminated.&nbsp;<\/p>\n\n\n\n<p>Generally, over one-third of the leases in Auckland CBD have a lease term between two and four years. However, a standard lease term is around 12 months. It is recommended that you do not sign into a lease of longer than 12 months to avoid committing yourself to a space for too long. Instead, you can have a 12-month lease term with a renewal clause in your commercial lease agreement, which will allow you to renew your lease if you wish.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Short-term commercial leases have a lease term that is less than 12 months. However, they are subject to the same rules as long fixed-term leases.<\/p>\n<\/div>\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2023\/08\/19114154\/LegalVision-AU-Landlord-Leasing-Terms-Cheat-Sheet.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Landlord Leasing Terms Cheat Sheet<\/div>\n            <div class=\"body-text\">\n                <p>This cheat sheet explains a number of key clauses and gives practical tips to help avoid disputes.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2023\/08\/LegalVision-NZ-Landlord-Leasing-Terms-Cheat-Sheet.pdf\" 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The longer the lease, the more rent you will need to pay, which will be shown in your relevant financial statements. However, the longer the lease, the less rent you may be charged, while a shorter lease may cause the landlord to charge a higher rent.&nbsp;<\/p>\n\n\n\n<p>The lease term you choose should align with your business objectives.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits of a Short-Term Lease<\/h3>\n\n\n\n<p>A short-term lease is ideal if you are looking for:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Flexibility:<\/strong> With a shorter lease, you can scale up or down and relocate according to your business needs. You also have an opportunity to test the market first before committing to one space for a longer time.\u00a0<\/li>\n\n\n\n<li><strong>A Bailout Option:<\/strong> A short-term lease is a smaller financial risk than a long-term lease, and you can easily bail if your business fails.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits of a Long-Term Lease<\/h3>\n\n\n\n<p>However, a long-term lease will be beneficial if you are looking for:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Stability:<\/strong> You may wish to establish yourself in one location, which is especially helpful if you have a retail shop to provide consistency to your customers.&nbsp;<\/li>\n\n\n\n<li><strong>Certainty:<\/strong> A longer lease enables you to forecast and plan your business for the future. You can calculate your rent expenses and include them in your long-term budgeting.&nbsp;<\/li>\n\n\n\n<li><strong>Flexibility:<\/strong> You may find a landlord willing to compromise on lease terms due to the longer duration of the lease.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>The standard term of a periodic lease is 6 months, while a long fixed-term lease usually lasts about 12 months. Understanding which lease type and term will best suit your business is crucial. When deciding on an appropriate lease term, you should factor in rent expenses, the need for stability and whether you need a bailout option if your business fails.&nbsp;<\/p>\n\n\n\n<p>If you are entering a commercial lease, our experienced <a href=\"https:\/\/legalvision.co.nz\/leasing-lawyers-lp\">leasing lawyers<\/a> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions&nbsp;<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1741133719959\"><strong class=\"schema-faq-question\"><strong>When is a short-term lease good for me?<\/strong><\/strong> <p class=\"schema-faq-answer\">A short-term lease is excellent for you if you need flexibility scaling your business or want to test the market first. It is also a good option if your business is brand new and you need a bail-out option if your business fails.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1741133771348\"><strong class=\"schema-faq-question\"><strong>What should I consider before signing a long-term lease?<\/strong><\/strong> <p class=\"schema-faq-answer\">Before committing to a long-term lease, assess whether your business needs stability or flexibility. A longer lease can provide security and lower rent over time, but it also limits your ability to relocate or scale quickly. Ensure you review break clauses, renewal terms and potential rent increases. If uncertain, consider a shorter lease with renewal options to maintain flexibility while securing your space. Always seek legal advice to ensure the lease aligns with your business goals and financial plans.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>A commercial lease agreement is a binding document between you and your landlord. It can set out many clauses that you both have agreed upon. As a tenant or someone about to sign a commercial lease, you may wonder what the standard term is for a lease agreement. The standard term can vary across lease<a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/standard-term-lease\/\">Continue reading <span class=\"sr-only\">&#8220;What is the Standard Term of a Commercial Lease Agreement?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":34,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[11],"tags":[25,69,517,2284],"class_list":["post-228774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-and-leasing","tag-small-business","tag-lease","tag-deed-of-lease","tag-standard-term"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is the Standard Term of a Commercial Lease Agreement? 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