Truck Parking Lease Considerations

Business owners are frequently confronted with shortages or surpluses of vehicle parking spaces at their properties. To address shortages, businesses will typically attempt to find nearby properties with available parking spaces and negotiate leases for their parking needs. Conversely, a property owner with excess parking not required for its business can generate revenue from the surplus property. If demand can be matched with supply, it is a win-win proposition for both business owners which, while a relatively simple transaction to document, does require addressing several important legal points in the lease as follows:

1. Identification of the leased parking spaces is typically accomplished by indicating the address of the property, stating the number of parking spaces and depicting those parking spaces on a site plan attached to the lease.