How To Plan For Your Commercial Lease Renewal
A lease expiry can often sneak up on you, and leave you caught off guard about what you should do for your business. If you end up having to make a hasty decision, you can lose money, or not end up in the right place for your business to continue growing.
It’s important to plan ahead, so you can give your business the best chance for success.
Whether you have an industrial, commercial or retail lease, your office space is incredibly important for your business operations and your staff’s productivity. It’s important to take great care when making the next rental decision for your business.
Here are some tips to help you prepare for your commercial lease renewal.
Prepare well in advance
If you are looking to open negotiations with your landlord or real estate, you should start planning many months in advance.
Giving yourself time to research the current market, and make important decisions for your business, will ensure you don’t make any rushed last minute decisions. A market rent review can give you the knowledge you need to discuss your lease terms.
Often when you put off making these decisions, you can lose your advantage or end up with a less desirable deal than you want. It’s important that you have done your research before trying to negotiate the conditions of the lease on your commercial property.
If you do your research and prepare yourself for these conversations well in advance, you will be more confident and equipped to advocate for your needs.
A tenant and landlord relationship should be built on mutual trust, respect and honesty, so being clear about your intentions is important.
Explore your leasing options
When you have an upcoming lease renewal, it’s a great time to explore your leasing options. If the market has changed during your time as a tenant, you may have more power to negotiate.
If supply and demand has shifted, you may be in the position to negotiate cheaper rent payable, or other benefits in your lease agreement.
Your business may have also grown out of your current office space, and you might be looking to expand your business into a larger commercial space.
Your lease expiring is a great opportunity for you to explore the different options that you have as a tenant. There might be a more desirable location, an office with nicer finishes or you might even be looking into buying next, instead of leasing.
Decide whether you want to move or renew
Make the decision about whether you want to move or renew your lease early on.
If you are happy in your current office space, and you have the option to renew, then you are better off staying. This doesn’t mean you can’t negotiate with your landlord or real estate agent on your lease terms. If you are looking to stay long term, advocating for a better deal will be beneficial for your business.
If you decide you want to move, knowing early on will help you prepare for the complicated process of moving. You can start looking for an office that suits your needs better, and save money for all of the additional costs. Businesses move for a whole range of reasons, whether your business aims have changed, you need more room for growth or you aren’t in an ideal location.
Talk to Englander Principal
Whether you are looking to renew your commercial lease, or rent a new office, Englander Principal can negotiate with your landlord or real estate on your behalf.
We are not commercial real estate agents, they do their job and we do ours. They look after the landlord and we look after you!
How does saving thousands of dollars on your next rental sound to you?
We work with you to negotiate the best terms and conditions for your commercial lease.
We work on a No Win, No Fee basis. If we win, we only charge a 15% commission. Winning means we secure you a rent free period, half price rent or an equivalent.
You have nothing to lose by working with us!
If you have a commercial lease renewal coming up in the next 12 months, or you want to move into a new office space, contact our team!