It’s that time of year again and many businesses are doing performance reviews, company budget reviews, business insurance reviews, etc. But what more businesses should be asking themselves is “Should I perform an Austin office space lease agreement review?” Your commercial office lease agreement is one of the biggest financial obligations your company will make. Why wouldn’t you do an annual review to make you don’t miss important dates and that it’s meeting your needs?
After signing a commercial lease agreement many businesses file the contract away and never look at it again. Every lease is different however most have dates, deadlines, terms, and conditions that must be kept tract of (e.g. renewal/move-out notices, rofr and rofo deadlines, etc.). If you don’t’ keep track of these it can be costly to your business so It’s a very good idea to read and understand the terms and conditions of your lease to ensure your business is not disrupted and that your office space is meeting your current and future needs.
Things To Consider Do you have your office lease in Austin backed up? Do you know where it is? When does your lease expire? How many days before lease expiration are you required to give a notice to renew or vacate? Do you have enough space to meet your business needs? What are your options if you have too much space or too little? What are comparable office buildings quoting for rental rates? How do they compare to yours? Do you have a ROFR or ROFO? If so what are the terms of that?
Above are just a few of the many things to consider when doing an annual review of your Austin office space lease contract. Be sure to read and really understand the terms and conditions of your lease, make sure it meets your current and future business needs, and give yourself plenty of time to make the right decisions for your business. You will be glad that you did.