While negotiating a lease might be a complicated and frustrating process, it is important to be diligent throughout the entirety of negotiations—or your business could suffer the negative effects of leasing mistakes in the long term. Here are a few mistakes tenants often make to be aware of as you conduct negotiations, as suggested in the article “10 Leasing Mistakes Office Tenants Make”:
- Entering negotiations at the last minute.
- Poor space planning or an inaccurate estimate of your business’s space needs.
- Looking at costs above all other concerns.
- Losing an opportunity by hesitating before signing.
- Failing to define objectives before making decisions.
- Not taking into consideration potential growth.
- Not considering exit strategies in a lease.
- Not working with lawyers or real estate agents who can offer objective legal advice.
These pitfalls can be avoided by giving yourself plenty of time to research commercial lease negotiations and to work your way through the process without the pressure of a looming move-out date from your current space. Before you even enter negotiations, take the time to brainstorm your business needs, goals, and budget for a new office space.