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Tips for negotiating a commercial lease renewal

Once you reach the end of your commercial lease term, you will, in many cases, have the option of either extending the lease or finding a different location where you can operate your business. Before you agree to extend your commercial lease agreement, though, it may serve you well to examine the market and assess your lease terms to make sure they meet your needs.

Ultimately, the more you understand about your lease terms and the rules and regulations surrounding your leasing options, the more likely you will be to land on a favorable lease agreement. Just how can you work to improve your situation during commercial lease renewal negotiations?

Get ahead of the game

The more time you give yourself to negotiate your commercial lease renewal, the better your outcome will likely be. Starting the process early gives you more time to assess the market and figure out whether your existing business location is the best one for your specific needs.

Take a good, hard look at your space

Before you agree to stay in a particular location for another year or longer, ask yourself just how well the space accommodates your business. Do you need more parking or better technological resources? If so, now is the time to negotiate for them.

Research alternative options

The more you understand about the market, the more likely you will be to land in a space that serves you best. Furthermore, the more knowledgeable you are about the market and any alternative options that may be available, the more likely your landlord may be to work with you and want you to stay.

While starting early, assessing your workspace and researching alternative options can all help you negotiate a more favorable commercial lease renewal, please note that this is not an all-encompassing list of tips that may help you achieve your objectives.

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