It may be months or years until your lease is up, but time keeps moving and your lease expiration will be in front of you before you know it. Are you prepared? When it comes to leasing office space, mistakes can be costly. Here are five things you should remember as your office lease expiration approach.
In most cases, the minute your lease is executed it’s filed away never to see the light of day again. In order to avoid missing important dates in your lease, set reminders on your calendar ahead of time. If you know your lease is expiring in nine or less months, take some time to reflect on your company’s needs. Have you hired more employees? Has your client based changed? Are your employee commuting hours to work? When was the last time your office was updated? Knowing these things can help you decide the needs you have to negotiate for in your next renewal or even if your space is no longer the right fit for your company.
2. Examine the Lease Terms
It is crucial to fully understand your lease terms, but it may have been a while since you last looked at your lease. In the months leading up to your lease’s expiration, thoroughly examine your lease. Make sure that you have been provided with every concession and detail you were promised. If you know that your lease is especially complicated with options, make sure to review it yearly.
3. Plan Ahead
Now that you’ve made your decision to move or stay-put, it’s time to plan. Don’t forget to keep your company’s needs in mind at every step of the process. If you’re planning to move, make sure that you consider moving expenses and a plan. If you’re planning to renew, make sure that you have considered any improvements you may need in your office space. For either choice, take the time to plan out how to get what your company needs and deserves.
4. Do Your Research
The best way to leverage a landlord is through research. Know the market and you’ll know how your lease compares to others in your submarket. This knowledge gives you leverage to negotiate a fair lease. The Landlord and/or Leasing Agent has their own best interests in mind, not yours. It’s imperative to understand how your lease sizes up to others.
5. Hire Tenant Representation
Does everything above sound extremely time consuming? Well it is. Dominus Commercial’s tenant representatives do everything above and more to ensure that you are fully satisfied with your new lease; whether it’s a renewal or in a new building. They handle every detail, from the initial needs assessment through the research and negotiation. The know-how and advice a tenant representative provides saves you time and money with no direct cost to you.
Now, do you know when your lease is up?