If you are thinking about renewing your office space lease for another term, start this process early. There are several steps you can take to help you negotiate a favorable lease for your business. Here are a few final tips on carrying out this process, as included in the article, Eight Tips for Negotiating an Office Lease Renewal:
#5 Work With a Commercial Real Estate Broker
If your business can afford it, it might be worth consulting a commercial real estate expert and even having them negotiate with the landlord for you. They can also assist your research by providing insights into the current market conditions. If you only deal with leasing every so often, it is hard to keep up with current information and be the sharpest negotiator, so consider utilizing the assistance of an expert. You might want to hire a tenant only commercial real estate representative, so that you know that your interests as a tenant are their primary concern.
#6 Organize the Financial Information
Consolidate the information you have and set up a system of easy comparison by assembling a spreadsheet that includes the costs associated with all of your potential spaces. You do not need to keep this a secret from your landlord; it is important to get a complete picture of all of the information to make a data-driven decision for your business.
Starting early, doing some research, consulting experts, and staying organized can help your business renew a lease or move with the knowledge that your final decision was the best possible option.
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