When deciding whether to renew your office space or find a new one, the best thing you can do is give yourself plenty of time to research and make this decision. Here are a couple of reasons why it is important to start the process early, as discussed in the article, When to Renew Your Lease:
- Moving Takes Time. It takes a long time to pick a space, negotiate a new lease, and carry out the moving process. Landlords know this, so most likely your lease includes a Hold Over Provision, which will slap you with some steep fines if you are not out of your current space in time.
- Give Yourself Leverage. If you are debating between moving and renewing, looking at other spaces early will make your landlord more likely to offer you a good deal to keep you as a tenant. If you wait until the last minute, the landlord will know you do not have a lot of options and will then have the upper hand in negotiations.
- Research the Market. Take time to familiarize yourself with what market rates are, because it is possible that you are currently paying too much. If you go to your landlord armed with this knowledge, they might be inclined to lower your lease rate because they want to keep you as a long term tenant.
Do not wait until the last minute to decide whether to move or renew!