The Lease Renewal: How to Leverage Yourself When You Don't Want to Move
Finding a space that works for your business is a key element to functioning smoothly as a company. So when you've found a property that works for you, it's important to hold onto it. But this can get complicated depending on many variables, ranging from length of lease to negotiating with landlords. Here's a few tips for how to leverage yourself when you don't want to move:
Give yourself time to explore your options. Just because you intend on staying put doesn't give you an excuse to be uninformed about the market and the details in your lease. Last minute decisions will affect your entire company, so allow yourself time to make calm, calculated ones.
Educate and acclimate
What's the current market like? With the Greater Boston market so hot right now, companies are constantly competing for the same highly-coveted spaces. Add in the fact that rent and construction pricing is constantly changing, and you may find that things are significantly different since you last signed your lease. You need to determine not only how things have changed since then, but their potential to shift in the next few years. Think into your company's future.
Establish your team's needs
A lot can change in a year for you and your team. Has your number of employees changed? Does your space need to undergo improvements? These things can strongly affect your renewal conversation because tenant improvement dollars come into play. Even if you have no intention of moving, check out what's available in your neighborhood. By doing this, you can see how your property stacks up, and determine the value of similar ones. It can also come in handy since your landlord will most likely hear you've been checking out the competition.
Reach out to experts
Luckily, renewing a lease isn't as much of a headache as moving. However, that doesn't mean it's without challenges of its own. The best way to enter into conversations with your landlord is by hiring a tenant advisor, like Cresa, to combat these challenges for you. We will do the homework and assist you throughout the renewal process so you can keep your focus where it’s needed most: on your company.