We currently have a billboard on our property that was initially constructed in the 1980s with 8 year terms. We are getting the same rent since 1994. We’ve tried to renegotiate whIch they budged a bit but I don’t think we’ll come to an agreement. Our lease is up 7/15. We’ve consulted them and met so everyone is aware we’re non - renewing. My question is after the lease is up who owns the rights to the actual billboard itself? We’ve had several local businesses that said they’d pay us more fairly for the space (we make the sign and install). Can the billboard company come take it down? It’s wood and placed in concrete. Thanks for any advice!
Unless stated otherwise, the billboard co can and will most likely remove all related equipment/billboard from your property. You’ll need to get a permit from your city, county, and all related government entities before you can put up your own billboard/equipment. Billboard companies are notorious with lousy terms and very little escalation on rates. If you have the money, do it yourself (assuming it’s a profitable endeavor.)