When you settle into your new office space, you may not initially think of the time when office space renewal will occur. However, time often moves quickly and before you know it, your office lease will be up for renewal. Sometimes business owners want to move on to a new location while others love where they are leasing and want to continue doing business in their current locale. For the latter group of individuals, there will come a time when negotiating office space renewal is at hand. Here are some options with regard to negotiating office space renewal and such options may make the renewal process take place in the smoothest manner possible.
Do Your Research With Respect To Current Market Trends
When you renew your commercial office space lease, you may be able to get a better deal on the future lease than your initial one. Current market trends may make it easier to negotiate commercial office space leases and you should research these trends to see what the current market looks like when it comes to real estate leasing for businesses.
Have a Tenant Representative Help Out
One of the best ways to make sure you are covered when the time comes to negotiate office space renewal is to have a tenant representative with you for the negotiation process. A tenant representative knows what the real estate market is doing and will make it easy for you to negotiate office space renewal. They not only lead you in the negotiations but will help you to negotiate in the best manner through proper planning and tactics. A tenant representative is your go-to real estate representative when it comes to commercial office space leasing.
Consider the Current Office Space Leasing Market
The current office space leasing market must be considered before negotiating the renewal of your office space. If the current market regarding commercial leasing is struggling, then you as a commercial office space tenant may get the best deal at the time. However, if there are plenty of tenants willing to lease office space in your local area, the lease costs may be a bit higher.
Use Your Past Positive Leasing Status to Boost Your Future Lease Options
Let’s face it. Commercial office space owners and commercial office space tenants both benefit from renewing an office space lease. There is no need to go through initial lease negotiations as would occur with a new tenant, the landlord doesn’t have to repaint or make renovations to the property and if the tenant was a prompt paying tenant, the owner will love this factor as well. Therefore, if you were a good tenant, chances are that the negotiations for the office space lease renewal will go smoothly.
Negotiating a renewal of your office space lease doesn’t have to be a tedious venture, especially if you use a tenant representative throughout the process. Before you go into any type of negotiations, make sure you know what you want to ask for, that the requests are reasonable and that you have a tenant representative by your side.