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Whether you're exploring income-producing properties or negotiating business deals, our goal is to equip you with the tools to seize opportunities and build lasting success.

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Featured Article

In commercial real estate, the lease is the deal. But here’s the truth: most landlords don’t squeeze all the value they should from their leases.

That’s where a lease audit comes in—not as a formality, but as a revenue-recovery tool. Done right, it can uncover underpaid rent, missed escalations, unreimbursed expenses, or even out-of-date lease terms that limit upside.

Let’s break it down.

🔍 What’s a Lease Audit?

A lease audit is a detailed review of lease documents against actual tenant performance—payments, obligations, and property use. It compares what's supposed to happen with what’s actually happening.

Key areas to audit:

• Base rent and scheduled increases

• CAM (Common Area Maintenance) charges

• Tax and insurance reimbursements

• Percentage rent (for retail)

• Use clauses and exclusivity

• Maintenance responsibilities

💸 Where Income Gets Missed

Even with corporate tenants, errors happen. Here are common slip-ups:

• Missed CPI or fixed rent increases

• CAM reconciliations that never happened

• Tenants underpaying tax/insurance reimbursements

• Unapproved subletting or usage changes

• Landlord covering repairs that should be tenant’s

Over time, these seemingly small issues can erode thousands in annual NOI—and even impact your property’s cap rate and sale price.

📈 The ROI of Lease Auditing

Whether you self-manage or use third-party property management, lease audits should be part of your asset strategy. They can:

• Uncover revenue leakage

• Support better underwriting

• Strengthen negotiating position with tenants

• Prepare for refinancing or sale

Pro tip: If you’re preparing for a refinance, sale, or 1031 exchange, a lease audit can give you clean, verified numbers that buyers and lenders trust.

🧠 Final Thought

Lease audits aren’t just about catching mistakes—they’re about unlocking trapped value in your portfolio.

Think of them as preventative maintenance for your cash flow. Because the money’s not always in the building—it’s often in the paperwork.

Need help with a lease audit on your retail, industrial, or NNN property?
Let’s talk—we review leases every day and know where to look.

Hughes Commercial | Real Estate & Business Advisory

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Hughes Commercial