If the time to renew your Kansas City office space lease is approaching, you might want to think about some strategies for renegotiation, especially since the current economic climate means that you have a better chance of getting lower rates. Here are a few tips to potentially help you lower your rent as you negotiate a new lease term:
- Start Early. Landlords know that they can have the upper hand in a negotiation if they wait until you would not have time to find and move into a new space to talk to you about renewal. With this in mind, you should talk to your landlord well before your lease is due to expire, leaving yourself plenty of time to find a new rental space and move if need be. This sends a message to your landlord that you want a better deal and gives you some leverage.
- Do Your Homework. Even if you don’t have a lot of time to do heavy research, just doing a little investigating could save your business money in the long term. You could check out the traffic in your area by asking a local business association for numbers or surveying your neighbors. Find out the details on the vacancy rate in your area. See if the rents in your hare are up or down at the moment. Think about your own sales rates; if they are down and you are honest about this with a landlord, they might be willing to work with you to keep you in the space.
Taking these and other little steps before you begin your lease renewal negotiations could get you a better deal on your rent!
If you would like to learn more about affordable office space in Kansas City, give one of our brokers a call at 913-685-4100!