Last post, we explained the benefit of a thorough review of your current lease in preparation of your renewal negotiations (click here for Step 1). The next step of negotiating your renewal is to take stock of your actual office space. Take some time to think about these questions:
- Over the next 4-5 years do you think your headcount will grow? If so, will these people come to this office? Will you be downsizing at this location, so perhaps you may need less space?
- Does this office layout work for your business? Do you need an extra electrical outlet over there or should we take that wall down here to open up the space? If you are adding more people, perhaps opening the space up can provide room for more people. Do you want new carpet and fresh paint?
- What do you like about the building? Is the property management responsive? What could be improved upon? [Side note: For larger tenants, we have negotiated improvements to the common areas: hallways, bathrooms, etc. as part of their renewal terms.]
- Is this location the best for you, your employees and any clients that may come to your office?
How is the parking? Do you have enough for your people? Remember that if you increase your employee density in your office, you may not have enough parking.
These are some of the questions that office tenants should ask themselves as they approach their lease renewal. Part of our job is to help you analyze the situation and make suggestions on possible solutions. It’s important to do a self-analysis prior to engaging in negotiations with the landlord. This prep work lays out the roadmap of your negotiation, so it moves along smoothly.
Above all, remember — your landlord uses an expert leasing team, why shouldn’t you? Contact us today for lease comps of renewals in your area.