Every tenant who has a lease expiration coming up in the next 2 years should have one fundamental question on their mind:
If your space was perfect, how would it be different?
Market conditions are changing daily, and quality space is getting harder to find and taking longer to secure. The key to successful real estate decision making is knowing about the market and your options – even if you end up staying in your current location.
Moving into a new space could be right for you, but if your current space still allows you to operate efficiently, you may also want to consider renegotiating the terms of your existing lease. Perhaps there is even a way for you to upgrade your space and lower your occupancy cost at the same time.
All these are real possibilities, but unless you know your options, and spend some time considering each of them, you can’t make the best decision for your business.
Establishing Your Options
Here a couple things you can do to get the process started:
First, walk your space with a keen eye for how it fits the flow of your operation. Ask yourself, if this was the perfect space for my business, how would it be different? Would you be more efficient with a space in a different location or configuration. Are you wasting space?
Second, review your lease. This is a step that we can help you with.
In our experience, most tenants don’t fully understand the financial and business points of their lease document.
Once signed, they file it away and get back to business, unaware of the benefits and hazards of the document to their business going forward. In short order, we can abstract your lease and brief you on important elements, including those that could improve your position with your current landlord.
Have rent escalations and operating expenses been calculated accurately? Are there options coming up that are time-sensitive? Are you receiving all the services the lease calls for? These and other questions could be significant in terms of developing your overall strategy.
Choosing a Smart Option
Our business is built on a service-first approach. Before we assist with any real estate transaction, we help our clients decide if one should be made in the first place. To ensure that the right decision is made, we offer our services without obligation to you, and ask only that we have the opportunity to earn your business by exceeding your expectations.
Real estate decision making is complex and dynamic, but it’s not impossible. By considering your existing space, creating a list of desired upgrades, and reviewing your lease with a professional broker, you’ll be left with a confident decision for your business.
The Zehner Davenport Industrial Group has the resources to assist you in making an informed decision and move forward with confidence, whatever that decision might be.