Now is a great time to dust off your lease and review the possibilities. Here are a few suggestions:
Start Now. There has never been a better time to be a tenant in the market. Even if you have several years left on your lease, some landlords are willing to negotiate better current terms in exchange for a longer commitment, better known as the blend and extend strategy.
Determine your space utilization for as long as practical. The longer you can lock in today's rates, the more money you'll save over the term.
Love a particular building? Find out the landlord's current financial status - they may not be able to finance your deal especially if the space requires significant work.
Government incentives? Incentives from state and local governments may be available to subsidize your deal costs (i.e. TIF funds), especially if you are considering relocating. Explore the opportunities.
Hire a broker. You will get a better deal working with a broker that is familiar with the current market and concessions. The best part is that you usually don't even pay for it (the landlord does). One of the few no brainers left in business.
Call us - we are happy to review your lease and provide some insights.
No comments:
Post a Comment