Landlord may grant the tenant in the lease contract the right to assign or
sublet all or part of the leased premises provided the duration of sub-lease contract does not exceed the period specified in the original contract.
PRO TIP If you don't hear from your landlord within 14 days of asking permission to
sublet or assign your lease, the law says that you can assume the landlord has agreed to the
sublet or assignment.
"Unfortunately we were informed about cases when some refugees, beneficiaries of such establishments,
sublet them to non-refugees for e1/4200 to e1/4300 monthly rents and they in their turn
sublet them to others for rents as high as e1/44,000 to e1/45,000 per month," Economides told the Cyprus Mail.
And two things are going to make it very likely that the sublease won't comply with the new statute: The subletting tenant will have no warning in the
sublet law that leases need to have any particular language; the sublet-wanting tenant probably has no access to the maintenance history of the sprinkler system and no way to demand it.
"The more restrictions, the less attractive a property becomes," said Polsinelli, who decided last year to increase the number of years residents of 2 Fifth Avenue may
sublet their homes.
Colp-Haber says firms offer sublease space anywhere from 10 to 50% lower than market rates, forcing landlords to reduce asking prices in order to compete with the
sublet space.
As a result, velocity in
sublets increased 400% from last year to 511,160 SF.
Many are taking advantage of available
sublet space, which at first glance may seem like an attractive bargain, but in reality may be a costly misstep.
With a glut of sublease supply on the market,
sublet asking rents also experienced a decline, from $56.17 per SF to $54.95 per SF last month alone.
*
Sublet space returning to the market accounted for 19% of total available space at mid-year, jumping by 62% in one quarter alone.
* Perhaps the key reason that Long Island's commercial real estate markets are faring so well is because even though some new space has been added to the market in the form of
sublet space, it is still a very small amount.
Evidence of contraction has arrived already in the form of
sublets, and will show up here and there as smaller spin-offs and incubator-type businesses fail to renew their leases, and large companies put unneeded corporate facilities on the market for sale in an effort to cut costs.
