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Office Lease Renewal Options

When is the right time to Review Office Lease Options?

When should a company think about their office lease renewal? Most companies leave it too late and end up losing enough leverage with their landlord. Best practice suggest companies should begin to review their office lease options at least 18 months prior to their lease expiry date, and here are the reasons:

Reviewing options early can enable a Tenant to fully investigate market conditions and current rental levels in order to have sufficient negotiating power with their Landlord. Even if a tenant plans to renew their office lease, it then gives them plenty of leverage to negotiate a competitive rent review.

If you do want to move office, then you need plenty of time on your side to find new premises and negotiate a brand new lease. If you leave reviewing your options too late, you'll probably end up staying because there simply isn't enough time to organize a successful office move.

If you leave it too late and call your Landlord close to expiry - they've won already! Because they know your leverage is next to nothing. Why? Because you've simply left it too late - putting yourself in a no-win situation.

It's never too early to start mapping out your exit / renewal strategy and seek advice from a Tenant Rep Broker. They'll be able to give you some invaluable insight into which option is more financially beneficial, and will also be able to negotiate a new office lease on your behalf.

Find a Tenant Rep Broker in your area here. If you do decide to move office, plan it carefully with this invaluable Office Move Checklist.

 

Planning an office move? Go the office relocation planning resource center

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