There’s a lot more to the arrangement that involves significant negotiation about access, security, personal injury, property damage, master leases, etc. that I won’t go into. It’s just food for thought. Next time you’re driving Broadway into downtown, check out the rooftops and see for yourself the burgeoning field of this kind of lease and the money sitting up there for the landlord.
I try and bring you information on some quirky, new, developing area starting to keep us real estate attorneys on our toes. So, here’s my latest “pay attention Jill” topic: ROOFTOP LEASES! Yep, it seems anyone and everyone who owns a building with some height and a flat roof can now make money leasing space on the rooftop to companies needing satellite dishes and antenna placements and to tenants who want their own communication equipment on the roof. What used to be empty unusable space is now incredibly valuable. There’s almost nothing the landlord has to do, beyond making sure the installation of the equipment doesn’t damage the roof (for which he makes the tenant liable) and provide a 60 amp electrical outlet. In return, tenants in Denver are paying an average of $1300-$1800, and up to $3,000, per month per cellular antenna. At the average rate, that’s an extra $15-$21,000 per year for landlords leasing what used to be empty space.
There’s a lot more to the arrangement that involves significant negotiation about access, security, personal injury, property damage, master leases, etc. that I won’t go into. It’s just food for thought. Next time you’re driving Broadway into downtown, check out the rooftops and see for yourself the burgeoning field of this kind of lease and the money sitting up there for the landlord.
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