CAM fees, or common area maintenance fees, are charges that are assessed to tenants of a commercial property for the maintenance and upkeep of common areas within the property. Common areas may include lobbies, hallways, restrooms, elevators, and other areas that are shared by multiple tenants.
CAM fees are typically based on the square footage of the tenant's leased space and are usually paid on a monthly or quarterly basis. They may also be based on a percentage of the tenant's gross sales or profits.
The purpose of CAM fees is to ensure that the common areas of a commercial property are maintained in a clean and safe condition for the benefit of all tenants. These fees may cover a wide range of expenses, including utilities, janitorial services, landscaping, snow removal, and repairs.
CAM fees are typically outlined in the lease agreement between the tenant and the landlord, and they may be adjusted periodically to reflect changes in the cost of maintaining the common areas. It is important for tenants to carefully review the terms of their lease agreement and to understand the CAM fees that they will be responsible for paying.
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