If your office space lease is set to expire in 6-12 months now is the time to start considering your options.
- Should you renew your existing office lease?
- Are there better deals out there which would entice you to move?
If you are like most Tenants you wait until it's too late and end up signing the lease renewal proposal presented to you by the landlord before you have researched the market to compare other options. The landlord knows that a month or two is not enough time for you to relocate your company……..which means you end up renewing an office lease with a rate, terms, and conditions more favorable to the landlord.
Why does the landlord think you will not move out of their building?
- They know that 70% of Tenants end up renewing their existing office leases
- Your lease expires in a month or two and you JUST NOW contacted them about renewing
- Landlords know the time, effort, and expense it takes to relocate your office space………Most Tenants do not
- They know you have not researched any other office space options in the market
- You have not engaged an office Tenant Representative to help you research the market and evaluate your options………..thus creating leverage to ensure you get the best deal possible.
To ensure that you level the playing field and put yourself in the strongest negotiating situation possible you have to treat renewals just like you would if you were leasing office space for the first time. This means even if you don't want to move out you need to create the perception that you WILL unless you get the best deal possible.