If you currently lease office space and are thinking about relocating or moving your office elsewhere, check your lease first. You need a solid office relocation project plan to ensure no mistakes are made and no important dates are missed. You also want to make sure there are no claueses in the lease that will inhibit or challenge your relocation plans. Here are a few things you should look for when checking your lease:
Your Office Lease Termination Date
Begin your office space search far enough in advance so you don’t have to rush. If your existing lease end date is too far away you may have to start the new lease before your existing one has ended. It’s a balancing act. You don’t want to have to pay double rents nor do you want to have a gap in between office lease contracts and be without an office.
Buyout Your Existing Lease
If you need to move out before your exising lease expires (e.g. no room to grow, etc..) see if you can terminate the lease contract early buy paying the landlord an amount to buyout the remaining term. Depending on the market you might be able to get a little discount on this. If you are a very desirable tenant you could also ask the future landlord to pay for this as part of the negotiation.
Ask to Stay Longer Now Not Later
A common problem is that your future space may not be ready for occupancy on time. Plan for contingencies up front and ask your existing landlord if you can stay longer in the event this happens. You might be able to negotiate a short term lease extension. Also check your leases holdover provision to see what you will be charged if you stay past your lease termination date. This is always negotiable as well.
Option to Sublet or Assign
Make sure your lease has provisions for you to have the ability to sublease or assign. This should be negoatiated in the beginning however if you missed it make sure you go back and renegotiate this section.
