As companies complete year end reports and prepare for 2016, now is a good time to begin looking at your upcoming lease expiration date. Depending on the size of your space or what your trying to achieve, most tenant’s begin evaluating options 12 to 24 months from the option trigger date (the date in your lease where you need to provide notice whether you intend to stay in your space).
For most companies, the rent you pay is your 2nd highest operating expense. A tenant representative can help you minimize your exposure, maximize your flexibility and get the best possible deal in the market place. Below please find 10 tips to insuring a good decisions:
- Start early – the more lead time you have the more leverage can be created
- Hire an exclusive tenant representative to work on your behalf – no risk only saves time and money
- Strategy – the most money can be saved during strategic planning and understanding what your short and long term objectives are
- Evaluate your culture and efficiency – are you using the space and allowing collaboration most efficiently?
- Scattergram employees and/or clients – see where your team or customers are coming from by plotting them on a map
- Identify incentives – work with your tenant rep to learn about what incentives are available in the marketplace
- Moving expenses – learn ways to offset moving costs
- Renewing – if you want to stay make sure you understand the market, what prices deals are being done at and what you should expect
- Options = Flexibility – you want as many options as possible in your lease (they only benefit the tenant)
- Make an informed decision