22 Jul 6 TIPS BEFORE RENEWING YOUR OFFICE LEASE
This post originally appeared on Tenant Rep LA’s Blog and is republished with permission. Find out how to syndicate your content with theBrokerList.
First and foremost, hire a Tenant Rep Broker (focuses solely on the needs of a tenant)
- KNOWLEDGE – A good tenant rep will know the market conditions, your current building’s terms for new leases and renewals as well as terms offered to other tenants.
- LEVERAGE – Your tenant rep is your advocate and signals that you may consider relocation so landlord will offer more competitive terms not to lose you….and ultimately you receive the best deal terms.
- START EARLY – Time is your friend, need time to research the market and show the landlord you’re doing your due diligence.
- EVALUATION – Don’t accept the landlord’s first proposal, this signals you’re taking the time to evaluate the market and other lease options.
- AIM HIGH – your landlord doesn’t want to lose your business and landlord knows you “mean business” when negotiating terms.
- CONCESSIONS – Ask for more such as tenant improvements, more parking spaces, free A/C hours, etc.
RSS Feed provided by theBrokerList Blog – theBrokerList for commercial real estate brokers (cre) and 6 TIPS BEFORE RENEWING YOUR OFFICE LEASE was written by Nina Steiner.