When should a company think about their office lease renewal? The day after they sign their lease. That might seem extreme, however, most folks wait too long and end up losing their leverage with their landlord. Typically, I recommend that my clients begin their lease renewal process at least a year in advance. There are two reasons.
First, time is your landlord’s greatest leverage. Your landlord knows that typically over 75% of its tenants will renew their leases. Your landlord also knows exactly how long it takes to construct a new space and physically move. If you call your landlord 60 – 30 days before your lease expires, he already won.
Second, even if you are determined to move, time slips by quickly. A week of travel, a couple of days delay while waiting for an architect, attorney or contractor to respond
and suddenly your time line shortens.
It’s never too early to start mapping out your strategy and preparing a timeline for your renewal process. That’s what I do every day, so let me help you level the playing field
with your landlord. If your lease is expiring in two years or less, call me at 305.753.5435 or email me at [email protected] for a free lease analysis.
