Renewing your lease is a lot like telling a joke: it’s all in the timing. You want time on your side at all times (no pun intended). Typically, if you’re 10,000 square feet or smaller, you want to give yourself 9-18 months whether you’re moving or renewing. That said, the sooner you start looking for a new space, or looking into renewing your lease, the better. Here’s why.
As your lease expiry date approaches, you will need to decide if you want to remain in your current facility, or move to an alternative location. This article attempts to highlight some of the key issues for consideration in dealing with a lease renewal, so that you can achieve the best possible outcome for your business.
There is a clear upside to today’s economy. Commercial tenants should be able to secure lower rents and better leases than they have in years. Whether renewing a lease, seeking to renegotiate an existing lease, or moving into a new space with a new landlord, the environment is right to gain lower rents, better terms, more concessions, and reduce overhead significantly.
The International Tenant Representative Alliance (ITRA) will discuss recent growth and success stories in a down commercial real estate market at its Spring Conference on March 26-28 at The Stoneleigh Hotel and Spa in Dallas, Texas.
Carrie Holstead Reveals $371 Million Impact of Marcellus Shale On Pittsburgh Area Office Space to NAIOP
At the February 18, 2010 meeting of NAIOP Commercial Real Estate Development Association, Carrie Holstead, President of ITRA / Carrie S. Holstead Real Estate Consultants, became the first to reveal the significant financial impact of oil and gas companies on Pittsburgh area office space.
It might not be the most picturesque building adorning Route 128, but 219 Bear Hill Rd. is expected to provide plenty of welcomed exposure to new tenant EP Levine now that the photographic equipment supplier has signed a long-term lease for close to 20,000 sf at the single-story, 30 year old flex/industrial property. “They are taking a big step forward in their business,” ITRA / Stevens Group principal Debra L. Stevens says after helping her client in a relocation bid that comes following 20 plus years in Boston’s Marine Industrial Park.
Barr Associates has renewed their lease at 300 Potash Hill Road, Tyngsboro, MA.
At a time when banks are not lending, International Tenant Representative Alliance revisits the most efficient option for saving a balance sheet and raising cash.
President of Unitel, Presented at the International Tenant Representative Alliance’s Annual Conference
Unitel, an industry leader in unified communications, announced today that the company’s president, Mark Worster, presented to the International Tenant Representative Alliance (ITRA) on the latest advancements in Voice over IP (VoIP) and the future of business communications.
International Tenant Representative Alliance discusses a timely affect for tenants suffering from the soft economy: large amounts of vacancies make today a perfect time to begin lease renewal.