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Billboard Lease Agreements: Key Considerations for Landlords and Tenants

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, May 11, 2023

Recorded event now available

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This CLE course will provide real property counsel with a review of essential provisions in billboard lease agreements. Our panel will discuss how to address the unique concerns of both landlords and tenants for various considerations, including site suitability and use restrictions, construction, rent structuring, and relocation and termination rights.


Statistics report over 340,000 billboards in the US and almost 8,000 in digital format. The overwhelming majority of those are built subject to a billboard lease or license agreement. The average billboard will pay a landowner more rent per square foot than any other kind of real estate investment without increasing operating expenses. The location of a billboard and its proximity to public space can multiply its value, revenue stream, and ground rent. The billboard lease provides unique advantages to property owners by creating an additional income stream, increasing potential resale value, and maximizing utility in vacant or underused property. For outdoor advertising tenants, leasing property may lower initial capital outlay and provide greater flexibility over time.

Thoughtfully crafting agreement terms in billboard leases can anticipate landlords' and tenants' unique challenges. If the parties do not adequately negotiate and draft these provisions, even seemingly innocuous provisions may have long-term consequences.

Equally important as the lease itself, parties must consider if a location and the type of billboard they want is suitable on the property and feasible to construct within the restrictions and limitations that vary from one municipality to the next, applicable zoning codes, and state/federal regulations. Among the many negotiable lease terms to be considered are duration, payment and renewal terms, early termination, construction issues, violation of regulations, potential third-party subleasing or assignment, and each party's respective obligations at termination. Real estate counsel must understand the impact of these and a myriad of complexities for the viability of the transaction in the future.

Listen as our panel discusses critical considerations for counsel negotiating billboard leases on behalf of landlords or tenants.



  1. Billboard leasing in general
  2. Regulatory issues
  3. Allocation of risks
  4. Considerations for owners
  5. Considerations for tenants


The panel will review these and other principal issues:

  • What are the primary regulatory challenges for outdoor advertising and billboard leases?
  • How are risks allocated between the landowner and the outdoor advertising tenant? How should lease agreements reflect risk allocation?
  • How are the costs allocated for the payment of taxes, utilities, government approvals, and responding to community objections?
  • What are the issues unique to electronic billboards?
  • What are the critical challenges for landowners/landlords and outdoor advertising tenants in negotiating and finalizing a lease agreement?


Cody, Marnie
Marnie Christine Cody

Hamlin | Cody

Ms. Cody's experience in outdoor advertising law is well established and dates back almost 35 years. She...  |  Read More

Hamlin, Richard
Richard F. Hamlin

Hamlin | Cody

Mr. Hamlin's 40+ year practice focuses on advising clients on outdoor and out-of-home advertising, among other...  |  Read More

Wright, Glenn
Glenn D. Wright

Wright Law Firm

Mr. Wright has handled many billboard, retail, office and commercial leases in the New York metropolitan area for over...  |  Read More

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