What's TMI?

  • “T” = Property T axes
  • “M” = M aintenace expenses
  • “I” = Building I nsurance.
    Personal Content Insurance is not included.
    The Landlord will expect a copy of your Insurance Policy prior to occupancy.

How is the monthly rent calculated ?

Example for 2,800 square feet of office space: $10.00 base rent + $7.00 T.M.I.
$10.00 Net + $7.00 TMI = $17.00 (Gross) x 2,800 sq.ft. = $47,600.00 annually
or monthly payments of = $3,966.60 + 13% HST.

Initial deposit payment required ?

Deposit Structure: (using figures from above example)

FIRST MONTHS NET RENT: $2,333.33
FIRST MONTHS T.M.I .: $1,633.33
LAST MONTHS NET RENT: $2,333.33
LAST MONTHS T.M.I .: $1,633.33
SUB TOTAL + GST: $7,933.32 + 13% = $1,031.33
TOTAL DEPOSIT DUE : $8,964.65

Your Deposit payment is due and payable once an agreement to Lease has been executed by both parties. Post-dated cheques are required upon occupancy. Some landlords require additional security.

Utilities Costs ?

  •  Office Building & Towers usually include Heat & Hydro costs in the T.M.I.
  • Office Space located in some commercial buildings don't include utilities in the T.M.I.
  • Please refer to the “Utilities Included” box for each property to verify if included.

What's “Tenant Inducements” – Free Rent

  • Negotiate with the Landlord for some free rent time in order to set up your Business.
  • One Year Lease Terms don't usually allow for any free time.
  • Three, Five and Ten Year Lease Terms can expect anywhere from 30 days up-to 90 days of free time. Please note that T.M.I. and utilities are not usually free during this free-time but everything is negotiable.

Don't feel 100% comfortable signing the Agreement ?

If you want the office space you just inspected, but you're unfamiliar with the terms of the documents, the easiest solution to tie up the space, is to simply include a clause in the agreement making the deal conditional upon the approval of your Solicitor . Ask for 5 days time to show it to your Lawyer. If you're not satisfied with the agreement you can then re-negotiate the terms or you may terminate the agreement.

Do you have a question ?

What's on your mind? Send me an e-mail and I'll reply with an answer within the same day!
Contact Rino Bancheri at offices@rogers.com

Stress-Free Office Space Interiors :

Office Solutions can coordinate every detail when it comes to locating, leasing, designing, renovating, wiring and furnishing your new Office Space.

Contact us to arrange a free consultation to discuss your office space needs.
416.505.6302 or offices@rogers.com

 

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