Your lease is coming up for renewal. You assume that it will be renewed on reasonable terms and conditions. You’re therefore surprised when the landlord’s proposal contains costs that are significantly higher than anticipated. And what’s more, you haven’t left enough time for renegotiation.
This is a common scenario. Too many tenants are forced to accept terms and conditions that are not in their favour, a situation which is easily avoided if time is set aside in advance to investigate all potential options.
In most cases, the terms offered by the landlord to existing tenants for renewal will be inferior to those offered to new tenants. This is because it is more likely that a new tenant will have researched all the available options.
That said, we know that often the cost of moving is astronomical, not to mention disruptive to your business.
Allow 5th Avenue Properties to assist you to receive the maximum benefit from your lease renewal. Here are a few helpful tips:
- Allow enough time to renegotiate the terms of your lease agreement
- Identify other options
- Be aware of the current market trends in vacancies and rentals
- Analyse the cost impact to your landlord if you move
- Be prepared to move if you are not offered a great deal
