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One of the biggest mistakes I see tenants make is waiting until it’s too late to start the process of determining whether or not they want to renew their existing lease or relocate their office altogether. The process of choosing a space can be time consuming and difficult and because many tenants wait until it’s too close to their lease expiration date they end up giving the landlord the upper hand and have to settle on an undesirable space and terms or pay more than they should.
Whether you are considering renewing your existing lease or relocating your office it’s important to start the process early (at least 6-12 months before your existing lease expires), evaluate your current and future space needs, and evaluate all possible alternative office space options in the market.
Deciding to Relocate Your Office
There are many factors to consider when choosing a new space. How much space do you need? Do you want to be in the same location? What is your ideal monthly rent budget? What is your idea office space layout? The list could go on.
Leases can take a minimum three to six months to finalize, depending on company size, current market, and tenant improvements needed, so it is important that you allow ample time for this process. For larger companies, the whole process from lease completion to relocation can take as long as two years to complete.
Deciding to Renew Your Existing Lease
For those that are considering renewing their lease, the process can be much quicker and easier. However, it is important to still consider all of your options. Will you need more space in the future, and does the current market allow for a better deal elsewhere? These are all factors to consider.
Once you have decided to renew your lease, negotiate with your current landlord earlier rather than later. Landlords understand the difficulties of relocating, so if you leave it too late, they may not take you seriously. You want them to compete for your tenancy. Coming to your landlord just three months before a lease expires will leave them wondering if you are truly considering moving.
You must convince your landlord that you are truly in the market for a new space. Explain to them that you have other viable options that are competing for your tenancy. The sooner you begin the process, the more time you will have to negotiate, and renewing your lease a little early might just help you sleep better at night
