Three Steps To Take Before Hiring A Broker To Renew Your Lease
November 17, 2014
As the end of your current lease approaches, you will want to think carefully about your options. Renewing your lease, or deciding to move, can make a big impact on your business, so don’t miss this opportunity to achieve the best situation.
1) Around twelve to eighteen months before your lease expires, conduct a thorough review of your business operations, staff, and workflow. What will these elements of your business look like next year, and three years from now. Include branding and culture in your review.
2) Identify geographic parameters to explore; consider a sensitivity analysis with employees, clients and COI’s.
3) Review your current lease for exact renewal language including notification timing.
Now is the time to seek the advice of a broker with expertise in commercial tenant representation. A building owner who has a good tenant paying near market rents is frequently willing to make requested accommodations because a new tenant represents an unknown risk. Armed with that knowledge and partnering with an expert in commercial real estate, you can turn your upcoming renewal into an opportunity to improve your bottom line.
If your lease is up for renewal in the next twelve to eighteen months, please give us a call.
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