Consider Hurdles to Leasing Unused Common Areas to Businesses
If your association is looking for new and creative ways to generate more revenue, can it lease underappreciated common area space to a commercial tenant as a way to add convenience to your members and income for your association? With the rise of mixed-use spaces, the convenience—and financial benefit—of having a popular bakery or a national bank locked in for a 10-year, income-generating lease may seem like an attractive option for a common area that’s going largely unused in your community.
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