Lease renewals are largely one of the single most overlooked aspects of commercial real estate. As a tenant you may be considering a renewal for the right reasons or simply because you believe there is a lack of time to seek viable alternatives. The path of least resistance is to simply renew and hope for the mercy of good terms. Many tenants have left large sums of money on the negotiation table when taking this approach.
Given the absence of a renewal, a vacating tenant will lead to one or more of the following to occur for the landlord:
If negotiated properly the sum of money from this potential burden may become the foundation for re-negotiation. Utilizing our expertise for the renewal process we will help determine what these costs maybe for the landlord, benchmark current market rates, statistics and alternatives, and most importantly keep the negotiations in a comparative context with other facilities in order to secure the best deal terms. Our involvement within 4-9 months of your lease termination will ensure your complete satisfaction and seamless renewal process.
As with acquisitions and new lease transactions, Lease Renewal services are completely free of charge to our clients, such fee’s are customarily paid for by the landlord.