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How can you help tenants sublease or assign their space?

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If you are a tenant who needs to vacate your leased space before the end of the term, you may have two options: subleasing or assigning. Both of these methods allow you to transfer some or all of your rights and obligations to a third party, but they have different implications and requirements. As a real estate professional, you can help your tenant clients navigate the process of subleasing or assigning their space, and advise them on the best strategy for their situation. In this article, we will explain the difference between subleasing and assigning, the benefits and drawbacks of each option, and the steps involved in finding and securing a suitable subtenant or assignee.

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1 What is subleasing?

Subleasing is when you rent out your leased space to another person or entity, who becomes your subtenant. You remain the primary tenant and are still responsible for paying the rent and complying with the lease terms. You also retain the right to reoccupy the space at the end of the sublease term, unless you agree otherwise with your subtenant. Subleasing can be a good option if you want to keep some control over the space, or if you plan to return to it in the future.

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Vineet Relia

Founder; Independent Director; C-Suite Executive; Crisis Management; Business Value Driver; Change Agent and Turnaround Catalyst
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In my view the most efficient solution for this is to provide services spaces as a service what is popularly known as "Coworking" these days. This bypasses all the covenants in the master lease and also gives the Primary tenant the option of charging multiple client on time share as a membership revenue.

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Michael Polk

Polk Properties /Thought Leader Forbes Business Council @ Forbes.com and Rolling Stone Culture Council/Mc Kinsey Co. Panelist
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Subleasing is the conveyance of a leasehold interest in a property or section thereof. Your right to possess an interest in a contractual right that if agreed upon the the landlord can be conveyed. The original tenant is still fully responsible for the performance of the terms and is not an assignment of the interest.

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Stewart Hines, PG - Owner

Owner hhihomerentals.com, Property Manager, Vacation & Realty Sales, Sr. Hydrogeologist, Sr. Project Manager, inventor
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As a fair housing Landlord for 30 years for several homes on Hilton Head Island; Myrtle Beach; & Garden City Beach SC; our long term lease agreement states the following: Tenant further agrees that he / she will not allow anyone to share said Premises, keep roomers or boarders, nor assign, sublet or transfer said Premises or any part thereof without Landlord???s written consent. Tenant recognizes that this restriction of the type of use of the leased Premises and the type of occupants are a material consideration for Landlord to enter into this Lease. So, as long as Landlord is able to vet, screen and approve sublet tenant & current master tenant is responsible, it can be a win win situation! Stewart Hines, PG - owner hhihomerentals.com

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Eng. Ziyad Aljaber

Projects Management Consultation
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- first you need to ensure that you have the right to sublease to third party within your original lease. - your lease with the subtenant contains the same terms and conditions of your original lease. - this will not fully protect you from the responsibility, but it will minimize the risks. - be very selective of the subtenants.

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2 What is assigning?

Assigning is when you transfer your entire lease interest to another person or entity, who becomes your assignee. You are no longer the tenant and have no rights or obligations under the lease. You also lose the right to reoccupy the space at the end of the lease term, unless you negotiate a right of re-entry with your assignee. Assigning can be a good option if you want to completely exit the lease and avoid any future liability or involvement.

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Eng. Ziyad Aljaber

Projects Management Consultation
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- this is very good if you no longer in need of the space and your lease still ongoing. - if you find it more profitable or to minimize a lost. - the best you take an approval of the main landlord before assigning.

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3 What are the benefits and drawbacks of subleasing and assigning?

Both subleasing and assigning can help you reduce or eliminate your rent obligations, avoid breaking the lease and paying penalties, and free up your space for other uses. However, they also have some potential disadvantages and risks. For example, subleasing may limit your flexibility and expose you to the subtenant's default or damages. Assigning may require you to forfeit any lease incentives or improvements, or to pay a premium to the assignee. Additionally, both subleasing and assigning usually require the consent of your landlord, who may impose certain conditions or restrictions.

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4 How to find a subtenant or assignee?

One of the challenges of subleasing or assigning your space is finding a suitable subtenant or assignee who can meet your landlord's approval and take over your lease terms. You can use various methods to market your space, such as online platforms, classified ads, word-of-mouth, or referrals. You can also hire a real estate broker who specializes in tenant representation and retention, and who can help you identify and attract qualified prospects, negotiate the best terms, and handle the paperwork.

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5 How to secure a sublease or assignment agreement?

Once you find a potential subtenant or assignee, you need to obtain your landlord's consent and execute a sublease or assignment agreement. The agreement should clearly define the rights and obligations of each party, such as the rent amount, the duration, the maintenance responsibilities, the insurance requirements, and the termination clauses. You should also review your original lease and make sure that you comply with any provisions that relate to subleasing or assigning, such as notice periods, fees, or approvals.

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6 How to manage the relationship with your subtenant or assignee?

After you sublease or assign your space, you should maintain a good relationship with your subtenant or assignee, as well as with your landlord. You should communicate regularly and promptly, and address any issues or concerns that may arise. You should also monitor the performance and compliance of your subtenant or assignee, and enforce the terms of the agreement if necessary. You should also be aware of your rights and obligations in case of any changes or disputes, such as renewals, extensions, modifications, or terminations.

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Eng. Ziyad Aljaber

Projects Management Consultation
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- keep good communication with them all. - do not forget about your original lease responsibilities. - maintain good control over lease.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Nathan Bragg

RE/MAX Commercial, Industrial Real Estate Broker | Southern California - Inland Empire Specialist | 909-210-3175 | USMC Veteran USA ... All comments expressed are strictly my personal opinion.
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LOL seasoned commercial brokers deal with this all the time. Obviously the best case for the existing tenant is that you terminate the old lease and put in a stronger tenant. You have to do some negotiating with the landlord and the sublease tenant and obviously that depends on the leasing environment, if you find a good tenant and rates are going up should be pretty easy. If rates are going down Concessions may have to be implemented from the original tenant if they want out of the lease. If you do a variational analysis on different scenarios you would probably come up with about 10 variables not enough room to discuss them all here. But the point is to think win-win for all parties, and be creative .

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How can you help tenants sublease or assign their space?

1

2

3

4

5

6

7

1 What is subleasing?

2 What is assigning?

3 What are the benefits and drawbacks of subleasing and assigning?

4 How to find a subtenant or assignee?

5 How to secure a sublease or assignment agreement?

6 How to manage the relationship with your subtenant or assignee?

7 Here’s what else to consider

Real Estate

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How can you help tenants sublease or assign their space?

1

2

3

4

5

6

7

1 What is subleasing?

2 What is assigning?

3 What are the benefits and drawbacks of subleasing and assigning?

4 How to find a subtenant or assignee?

5 How to secure a sublease or assignment agreement?

6 How to manage the relationship with your subtenant or assignee?

7 Here’s what else to consider

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