Should You Relocate or Renew Your Commercial Lease?
We’ve spoken quite a bit about how crucial it is to prepare in advance for when your lease is due to expire.
Starting early means you will have ample time to do your own research so you can make an informed decision about your next move.
This preparation can mean the difference between securing yourself an amazing deal on your lease renewal or just resigning with the same lease agreement, no extra benefit to you.
One question you will have to ask yourself when preparing for your lease expiry is ‘should you relocate or renew?’.
We know this can be a tricky thing to answer, so we’ve got a few tips to help you make that all important decision!
Re-evaluate your business goals
You need to make sure that your business goals are in line with the space that you are occupying.
There’s no point in signing on for a new lease term if the commercial property doesn’t fit with your business objectives. You’d be better off looking for a new space that is going to help you grow and allow you to achieve those goals.
Do you need more space?
More space can be a great asset to any business. There are many reasons why your business might need more space and it can be difficult to find the perfect location. With the help of an experienced broker, you might just find your perfect spot and learn that leasing is a great option for those who don’t want to purchase property.
Are you lacking vital amenities and equipment?
If you’ve ever had to make the tough decision of whether or not you should purchase a product, despite not having the money, then you know how important it is to have all the amenities and equipment that your company needs. There’s nothing more frustrating than seeing an opportunity for growth, but being unable to do anything about it because of a lack of products or amenities!
Analyse your finances
It can be a scary time to think about taking on a bigger space. Bigger spaces have a higher monthly rent than small office spaces, and bigger spaces also have a higher upfront cost for the rental. So getting that help at the start of your lease can really help with all the other costs that come up throughout the year, and exercising your option is a benefit for you.
Commercial leases are often perceived as expensive and time-consuming, but this is not always the case. In some instances, it is advantageous to renew or relocate your commercial lease.
There are a number of factors that you should take into consideration when deciding whether to relocate or renew your commercial lease, including:
• The length of your current lease
• The cost of terminating a lease
• Whether you have an option to renew without paying a penalty fee
• If the property will be demolished in the near future
Remember Every Lease is Negotiable
Don’t just accept any lease terms you are offered. You deserve better so talk to the leasing company about negotiating for a better deal instead of just taking what you’re given, renegotiating your lease or negotiating a new lease can be lengthy and complicated.
We almost always win! Our experienced negotiators are experts and always bring the best deal.
If you are negotiating for yourself, you may not have the best research or negotiating experience, which could mean you are not getting the best possible end result, speaking to us gives you a clear indication of your lease options.
Giving tenants the best commercial lease incentives a company can is always a good idea. You want to cut down the expenses you will deal with for years to come and any reduction might do just that.
Saving time and money is our goal.
Working with us, you can focus on your business. We match you with agents in your local area and across the globe that can help find the perfect property for you, saving a lot of time and effort. We deal with the commercial real estate agents for you.