CAM audits are a vital tool for both tenants and landlords
Office and retail tenants are protecting themselves from uncontrolled rising occupancy costs. As vacant spaces pile up, tenants are intensifying efforts to guard against a rise in occupancy costs.
They are reviewing billing to the actual lease language by conducting effective lease CAM audit programs. By employing this time proven best practice, business owners are taking advantage of an effective tool to catch costs that may be creeping into their billings.
Numerous factors affect common costs: cleaning, plowing, sweeping, security, etc. Tenants and landlords need to understand the definition of common area spelled out in the actual lease. With vacancies now complicating the equation, a good CAM audit is more important than ever—a vital tool that can assist both tenant and landlord.
Whether a small business owner or a CFO of a large organization, experienced lease administrators know there is a good chance that there are discrepancies in what is billed for costs and what is not valid according to the actual lease. Given the changing economic landscape, more and more tenants and landlords are recognizing they face mutual challenges.
By acknowledging these challenges and working with an accurate CAM audit, both parties are in a good position to work for an equitable existence that does not penalize the remaining tenants while complying to lease parameters.
That’s why NRTA has announced its second round of CAM Audit education for beginning auditors. The first session sold out in 6 days. If you are interested in this 3-part education program register now. Seating is extremely limited.