Office Lease Renewal Process
Posted by LauraDerbyshire on May 18th, 2020
When business owners get a business office space lease for the first time, they probably won't think about the office renovation process, as it often seems a long way off in the future. However, the expiration of a lease may appear more quickly than you think. Before starting a renovation, you must first know more about the renovation process to get the best possible deal and enjoy all the amenities and inclusions one should expect in an office renovation.
How the Office Lease Renewal Process Works
The renovation process is very different from a residential renovation. Office renewal procedures are put in place many months before the actual end of your current lease. There is much more involved than just agreeing on future rent payments. Typically, the office tenant will contact the landlord to request renewal information and try to negotiate the terms of the future lease. The landlord will return to the tenant with his thoughts on the future lease and what he is willing or unwilling to change. This can be a timely negotiation process and can be a bit tense at times. The best way for a commercial office tenant to handle a renovation is to have a tenant representation consultant on their side throughout the Offices for rent West Palm Beach Florida.
Tips to make the lease renewal process much easier
Although the office renovation process can be burdensome for tenants, there are some tips that will give you peace of mind and confidence during negotiations. Here are some tips to keep in mind throughout the renovation process:
Get a tenant representation consultant: As mentioned earlier, having a tenant representation consultant with you every step of the way will help you get the new lease terms you need and deserve. A tenant representation company knows this area of commercial real estate well and will work with you to negotiate the appropriate terms of the new lease and get what you want in your future lease with the current owner. The tenant representation advisor will analyze all the real estate jargon and describe the terms and offers in clear, easy-to-understand language.
Make a list of what you want before meeting with the owner: To be prepared for your meeting with the owner, it is always good to have a concrete list of what you want your new office space lease to contain. You want to be exact in your criteria requests so that no one has any doubts about what you want in the future of your office lease. Your tenant representation advisor can help you make this list and make sure you get everything from the future lease you want.
Be willing to negotiate: It's a good idea to go to the meeting with your landlord knowing that you probably won't get everything you want from the lease renewal negotiations. Therefore, you must be prepared and willing to negotiate so that you and the owner of the office space can reach a good agreement in the end.
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