Tag: lease renewal

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Relocating? A Guide to How Much Time You Need

  Market conditions, the size and complexity of the transaction, and option notice dates can help determine when to begin the process of evaluating your office lease. Time should be your ally, not your enemy during negotiations with any landlord. Landlords know that other buildings you’re considering will most likely have to create a space plan, get construction pricing, agree on a rental rate, prepare and execute a lease document, apply for construction permits and prepare the space for occupancy. This is, at a minimum, a 4 to 6 month process. So a tenant who...

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Signing a Lease for Commercial Space? Follow These Tips

Many times, finding the right space for your business is the easy part. Negotiating a commercial lease, on the other hand, can be quite difficult. Follow these basic guidelines to avoid signing the wrong lease.     1. Consider the Length of the Lease Keeping you in your space for a longer period of time is something landlords encourage because it’s advantageous for them. There are some instances where a longer term lease is a smart business decision for your company – you may be able to save big on your monthly rent. On the...

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Should I Stay or Should I Go?

  As the life cycles of businesses mature and grow over time it becomes necessary to re-evaluate your office space when your lease is coming up for renewal. Square footage requirements factor as just one component of the decision process to remain where you are or look for new space. A comprehensive evaluation also includes the following issues in today’s modern business atmosphere and serve as a guide to stay or go. 1. Are You Using Your Square Footage Efficiently? Take a hard look at where your business is now and where it’s likely to...

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Here’s What You Should Know if Your Building Has Been Sold

If you occupy a building that’s been sold, be aware of the following changes. One immediate change that can happen is you will have a new property manager. If so you’ll be notified of the change of address under the notices provision of your lease. Going forward all rent payments and correspondence will need to go to the new landlord or landlord agent. However, under new ownership your lease terms do not change. Your lease is a legally binding document until it expires. Before the sale finalizes you will be asked by your current landlord/seller...

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Considering a Relocation? A Guide to How Much Time You Need

Market conditions, the size and complexity of the transaction, and option notice dates can help determine when to begin the process of evaluating your office lease. Time should be your ally, not your enemy during negotiations with any landlord. Landlords know that other buildings you’re considering will most likely have to create a space plan, get construction pricing, agree on a rental rate, prepare and execute a lease document, apply for construction permits and prepare the space for occupancy. This is, at a minimum, a 4 to 6 month process. So a tenant that waits...

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Explore Your Alternatives Before Exercising Your Lease Renewal Option!

Each lease expiration should be viewed as an opportunity to explore and develop alternative space options. Only after an exhaustive search can the decision to either renew or relocate be made with confidence. Needless to say, this can be a lengthy process which should start well in advance of the lease expiration depending on the size of the requirement. If your first choice is to renew, this process will provide the much needed leverage you will need when negotiating with your current landlord. Most commercial leases typically run between 5-10 years. In well negotiated leases...

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These Lease Terms Provide Options

After a lengthy search, you’ve finally found the perfect new office space. It’s so great that, in fact, you’re not sure if you should lease or purchase the building. To put you in control, negotiate in your lease options to buy the building if you decide you want it. You can also stop someone else from purchasing it as well. These options, listed below, give you a measure of control and let you avoid the costs and responsibilities of ownership if you are not yet ready to take them on. Option to Buy This negotiated...

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The Building You Occupy Has Been Sold. Now What?

Here are some things you need to know if you occupy a building that’s been sold. An immediate change that may happen is you will have a new property manager. If so you’ll be notified of the change of address under the notices provision of your lease. Going forward all rent payments and correspondence will need to go to the new landlord or landlord agent. However, under new ownership your lease terms do not change. Your lease is a legally binding document until it expires. Before the sale finalizes you will be asked by your...

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Tenants Need To Know – Who Pays For That?

Typically when leasing office space, most contracts will require that the tenant pays for most, if not all, building operating expenses. However, tenants should not have to pay commissions, improvement costs or depreciation among other things. We found a comprehensive list of those and other items you shouldn’t have to pay for at the Ruminations blog. Check it out! In order to protect your interests in lease negotiations, consider engaging howardcommercial. We know the ins and outs of the real estate transaction including all the provisions contained in a lease agreement. A real estate lease...

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The Value of an Experienced CRE Broker

Selecting the right office space is one of the most important decisions a business owner can make. It’s crucial to have an expert commercial real estate broker to guide you through the process. A commercial real estate professional, exclusively representing your interests, will not only  handle every detail of the transaction but they will also provide invaluable insights, connections and business support that will ultimately benefit both your top and bottom line. Access to In-Depth Market Knowledge There are a multitude of places your business could call home. Experienced brokers make it part of their job to...

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