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Consider This Before You Renew Your Lease

August 15, 2023

Consider This Before You Renew Your Lease

A lease evaluation is essential before you decide if you are/are not renewing your current lease, but you most likely don't have the time (or interest) to review it yourself. In that case, you should consider retaining an exclusive tenant advisor to guide you through your space needs, costs, and available options in the market. At a minimum, you should start with these top five considerations:

  • Don’t Miss the Important Deadlines! Carefully review your lease and put the important dates on your calendar today. These are concrete dates; if you miss them, they are gone. If you have an option to renew your lease, there is likely a notice date requirement for your company to exercise that option. Also, be sure to check the “Holdover Clause” to see if you have to give notice before moving out of the space if your company elects to relocate. 
  • Plan Ahead . . . Far Ahead. Ideally, you should consider your space options 12 to 24 months before your lease expiration date. Do you want to renew the lease? Does the suite need remodeling? Is the building still functional for your needs? Maybe you want to move to a different part of the city or perhaps buy a building?
  • Reevaluate Your Space Needs. You might not have the right amount of space for your current needs. Many businesses are downsizing their square footage with remote work being offered to some employees. If your company is already allowing remote work or is considering it, you will need to evaluate how much space you actually need as compared to past years. Or maybe your company is growing, and you anticipate a need for more space in the future.
  • Get Feedback from Your Employees About Your Current Space. Ask them what they like or dislike about the space and why. Does the building have amenities to help you retain or attract new employees?
  • Determine if the Location is Still Desirable. Has anything changed where your building is located? Things to consider would be transportation, crime, rental costs, and area amenities.   

ITRA Global advisors specialize in space renewals and relocations and will provide you with proven processes to evaluate your options and unbiased advice based on market data. With members worldwide, ITRA Global is uniquely positioned to meet all your real estate advisory needs. Find your local market expert here.

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Article submitted by Wayne Teig / ITRA Global Minneapolis-St. Paul, Minnesota USA

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