Are you content with your current retail, office, or industrial space? Whether it’s time to renew your lease or not, it may be a good time to renegotiate. Here are five things to consider when thinking about renegotiating:
1. The first step is to evaluate your business position as a tenant. A commercial real estate broker can help you examine the current CRE market, understand your current lease parameters, and negotiate a better lease agreement.
2. Renegotiation is a way to right-size or expand your current space to best suit your company’s current situation and size. Has your business grown causing a need for more space? Perhaps you have consolidated areas and don't need as much square footage. A broker can help you sort that out and get you aligned with your business needs and goals.
3. If you renegotiate early, you may lock in a better rate than you would get from waiting. The freed up cash flow can be put to other business uses.
4. It’s possible to gain access to a tenant improvement (TI) allowance. That money can be used to renovate your current space and best meet the immediate needs of your organization.
5. Partner with an experienced broker team to give you a leg up during negotiations. We are experts in the process and know market conditions. Brokers also know current concessions landlords in your market are willing to give. After all, owners want their buildings occupied. (Learn how brokers are paid here).
Conclusion
Contact a broker to find out if it’s the right time to renegotiate. As experts in the field, we know market conditions and current lease rates, understand lease agreements, and can negotiate for TI allowances. Brokers give you a leg up while renegotiating.
At CEG, we’re here to help! Email or give us a call.
Jeff Salzbrun is the owner/broker of Commercial Equities Group (CEG). As a veteran-owned real estate brokerage, CEG has been involved in thousands of sale and lease transactions, ranging from single offices to 250,000+ square foot buildings. At CEG, we get your deal done. We know space, and we know the CRE business.
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