Whether you are planning on renewing your current rental space or thinking about changing locations, there are a few important questions you need to answer before your lease expires. Read on to learn more about what information needs your attention, and where you can find the solutions.
Q: What are important dates that you should know?
A: The most important dates to keep in mind are 1) the exact date of your lease expiration, 2) the time frame in which you have to give your landlord a proper renewal notice, 3) the date you must give notice to your landlord if you have a termination option that you may choose to exercise. It is crucial that you are familiar with the above mentioned notice dates, which can be found in your lease because the Landlord will not reach out to remind you. If you miss any of the above mentioned notice dates, you lose significant negotiation leverage with your existing landlord.
Q: What are your renewal options?
A: This all depends on the provisions set forth in your lease with your Landlord. Make sure to carefully read over your “Right to Renew” language in the Master Lease to determine what your options are. If that isn’t something you are comfortable with doing, EnTrust would be happy to abstract your lease at no cost. All tenants should be aware of the major provisions and clauses that a lease abstract will help provide in an easier representation.
Q: How does your rent compare to the real estate market?
A: This is an important consideration because you should be aware if you are paying an above market rent, below market rent, or market rent for a similar space. This can be a big factor in determining whether or not you decide to renew your lease or move to another building. Our licensed commercial real estate brokers will be able to run a comparative analysis of your building and submarket.
Q: Are you in the right space?
A: You need to know if your office space is allowing your company to be as productive and efficient as possible. Size is an essential component to consider. Do some research for the latest trends in the workplace on planning and efficiency, and tailor this data to match your company’s needs. One of EnTrust’s real estate professionals will be able share some workplace strategy and organizational culture trends that directly affect the way people work.
Q: Why should I worry about this now?
A: Though it may seem far away, your lease expiration will be here before you know it. It takes time to negotiate a renewal with your Landlord, or to relocate and secure a new space. No one wants to scramble finding an office space, as this could bring productivity to a halt. Make things easier on yourself and become familiar with the process and future steps before you lose any negotiation leverage you may have.