About Commercial Leasehold Improvements
The Process
Leasehold improvements refer to any modifications, additions, or improvements made to a leased property by a tenant. MBL Construction has constructed many of these improvements to enhance the functionality, aesthetics, and value of a property to meet the specific needs of a tenant’s business. Here are some key points to consider regarding leasehold improvements:
- Types of Leasehold Improvements: Leasehold improvements can include a wide range of improvements such as new flooring, partition walls, lighting, and fixtures, HVAC upgrades, and installation of specialized equipment or technology.
- Responsibility: Leasehold improvements are typically the responsibility of the tenant, who is responsible for making and funding the necessary changes. However, the landlord may sometimes contribute to the cost of the improvements, depending on the terms of the lease agreement.
- Approval: Before making any leasehold improvements, the tenant must obtain written permission from the landlord. The lease agreement may outline the specific types of improvements that require approval.
- Cost: The cost of leasehold improvements can vary widely, depending on the extent of the work required. Tenants may choose to fund the cost of improvements themselves, or they may be able to secure financing or negotiate with the landlord for financial assistance.
- Tax Implications: Leasehold improvements may have tax implications for both the tenant and the landlord. For example, tenants may be able to claim depreciation or other tax benefits for leasehold improvements, while landlords may be able to claim a tax deduction for the cost of improvements made by the tenant.
- End of Lease: When the lease term ends, the tenant may be required to remove any leasehold improvements made to the property, unless otherwise specified in the lease agreement. If the improvements are permanent fixtures or are essential to the operation of the business, the tenant may negotiate to leave them in place.
In summary, leasehold improvements can be a valuable investment for tenants looking to customize their leased property to meet their business needs. Careful planning, communication with the landlord, and consideration of the tax implications can help ensure a successful and cost-effective leasehold improvement project.
Why Go with MBL?
- Flexible working hours to suit you and your clients. We have the capacity to do after-hour projects so that you can keep your doors open to your clients during the renovation. You don’t have to close your doors to customer traffic.
- We work well with local inspectors.
- Through our construction association we are constantly aware of changes to building codes. We ensure your property is clean and safe at all times to better protect your property and peace of mind.
- We have the ability to customize space to customer needs without compromising building code standards.
- We promise a quick response time to our clients.
- We can do everything from creating a simple box to a complex, unique creation.
- With our vast experience and network can help clients design their space to meet their specific needs.
Gallery
Commercial Lease FAQ's
This is when a client rents or buys a commercial building and renovates it based on their particular needs for the space or simply improve the operation and use of the space. For example, a physiotherapy office or chiropractor could separate the space into smaller rooms and then have an area for a receptionist/front desk
Sometimes the owner of the property will give an allotment to cover lease improvements. Although anything that benefits one specific tenant will often be covered by the tenant unless its covered in the lease agreement
The simple answer is yes its required to have at least one bathroom that is handicap accessible
Core Values
Our fundamental beliefs and what sets MBL Construction apart!
High Level Service
Our commitment to ‘High-Level Service’ was demonstrated when we completed an Okotoks Family’s basement ahead of schedule, with meticulous attention to their personalized needs.
Attention to Detail
We strive to reach the highest level of quality in all of our work. We are not satisfied with ‘good enough’; we strive for ‘looks great!
Solution Driven
We are driven to find a way to overcome any obstacles to meet your specific needs.
Relationship Driven
We want you to use us for future projects. Relationships are a priority, we strive to treat your property and most importantly your family with the utmost respect and courtesy.
