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If your existing office lease is about to expire you have much to consider. Should you renewal the office lease and stay? Should you relocate? Should you expand? Should you renegotiate? If you are in this situation it would be a good idea to discuss with your tenant representative at least 9-12 months (ideally longer) before your existing lease expires, however in the meantime here are some tips and suggestions to consider to help with your decision making process.
Evaluate How You Use Your Space – How does it compare to other locations? Are you using all of the space productively and efficiently? Do you need more in the future? Could you make do with less if the space were built out the right way?
Start the Process Early – Ideally at least 9-12 months before your existing lease expires. You want to make sure you have time to research and evaluate your options without being pressured to make a decision on your existing space. Make sure you review your lease as Landlords typically insert that you must give notice of intent to renew 9-12 months out as well. If your alternative options are in shell condition those will take more time to plan and build out. 2nd generation spaces that don’t require much work can be occupied much sooner.
You Can Negotiate Concessions on Renewals Also – It typically cost landlords more money to find and lease space to a new tenant. Find out how much they will be willing to spend to keep you from moving out. Ask the landlord to sweeten the deal. If you don’t ask you won’t receive.
Staying Might Be Cheaper – Before rushing to sign and new lease and relocate thoroughly evaluate the cost of moving. Even if you save a few dollars on rent the cost of relocating, downtime, and other costs may be more than expected. Compare each alternative location to your existing one and make sure that you don’t miss any potential costs.
Expansion Options – Try to avoid leasing more space than you need. Ideally find a space that meets your needs now and get refusal options on any adjacent space. That way you only pay rent on what you use and will have the ability to expand if needed.
Lease Terms – You could sign a 6 year lease and lock in rates today or sign a 3 year lease with the option to extend for 3 years. The latter might cost a little more however it gives you more flexibility if you decide you want to move after 3 years because of expansion needs.
