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During non-seasonal times one of the main things tenants often overlook when leasing commercial space is the amount of time it takes to find it, negotiate the lease contract, and complete the improvements. Far too often tenants wait until the last minute and end up pressed for time which can cause a lot of stress and decrease leverage with landlords.
During normal times the commercial lease process can be slow. Because of that Austin Tenant Advisors suggests that tenants start the process AT LEAST 6-8 months before the existing lease expiration date or before the ideal move-in date to provide enough time for the search, selection, negotiation, and buildout of the space. For larger more complicated deals starting sooner than that is ideal.
The Holidays Will Slow The Commercial Lease Process Down Even More
During the holidays you pretty much lose a week for Thanksgiving in November and 2 weeks in December for Christmas and New Years. So overall you only have about 6 weeks to get things done.
Many tenants think that leasing commercial space during the holidays will be faster and easier since THEY will have more time and things tend to slow down. However, what they don’t understand is that most of the people needed to provide information and finalize a commercial lease transaction are mostly unavailable during the holidays.
These include but are not limited to:
- Landlords
- Landlord Agents
- Landlord Attorneys
- Tenant Attorneys
- Architects
- Mechanical engineers
- Contractors
- Subcontractors
- Etc..
As you can see there are many parties that may need to be involved in a commercial lease transaction. Trying to get them all available during the holidays can be a challenging task. In many cases impossible.
If it’s November 1st and a space needs very minimal buildout then you have a shot at a January or February move in date. However if the space needs major improvements that trigger a permit then expect to occupy the space in April or May.
Tips For Leasing Commercial Space During the Holidays
1. Negotiate more time for build out before the rent commencement date begins
If you are counting on important items to be completed during the months of November and December you need to incorporate some sort of contingency in your time frame. Expect and plan for delays. Maybe add another month or two to the rent commencement date and insert language in the lease to appease the landlord that you will occupy and start paying rent as soon as work is completed and you have a certificate of occupancy.
2. Find out who will be available during months of November and December and when
If you are in the middle of negotiating the lease contract find out exactly when the attorneys will be available and set deadlines for responses. Same goes for your contractors. find out when they are available and only work with ones who will commit to being available during those months.
3. Confirm the city’s holiday schedule
If you are relying on the city for inspections and a certificate of occupancy then make sure you stay connected with those contacts and be sure to know what their holiday schedule will be.
4. Communicate with your existing landlord if applicable
There is a chance that you don’t get your CO in the new space and end up holding over in your old space for another month or 2. Be sure to communicate often with your existing landlord.
4. Communicate well
It’s important that you communicate well with everyone involved and do so often. Don’t rely on email alone. Be sure to coordinate conference calls with key players to ensure everything is moving according to plan.