The majority of tenants seeking advice about renewing or relocating are quickly approaching their lease expiration and overwhelmed by the weight of this decision. It’s important to be proactive in the evaluation of your current and future space needs, the benefits of research and planning in advance will substantially reward your business.
There are many factors to consider which makes this a time consuming process so I recommend starting between 9-12 months prior to your lease expiration.
Let’s start here:
How much space do you need today?
Will this amount of space be sufficient in the future?
Is this location and layout working for your business?
What are the current market rental rate in your desired area?
What is your budget?
If after you answer these questions you realize your current space isn’t right for your business, then it’s time to relocate. Give yourself 6-9 months prior to your lease expiration to prepare the necessary steps for this transition. You’ll need to determine where your ideal location is, evaluate demographic research, find the right space, review your tenant improvement requirements, and still leave time to create and negotiate proposal.
Decide to Renew? Take a look at your current lease, review options, compare market rates and begin the negotiations with your landlord.
Whichever you decide allow enough time to draw up the lease and review it (and negotiate some of the terms in that document too!)
It’s never to early to start planning so why not start now.