Hovering over your office real estate lease is always one thing: the lease renewal. Unlike residential leases, landlords will approach commercial leasees with proposals months in advance of the renewal date. Like residential leases, the terms for the renewed lease include a common element: higher rates.
What most businesses don’t understand, however, is that their fate is entirely in their own hands. Companies don’t have to simply bite the bullet and accept the higher rent conditions; instead, with savvy negotiating tactics and a few tips, you can often find middle ground with your existing landlords – or hunt for new space until the lease expires. Here’s what you and your team should keep in mind when it comes time to negotiate a commercial real estate lease renewal with your current landlord: