A common misconception is that a lease is set in stone once it’s signed and it can never change. A lease is a more flexible document than people realize. This contract can constantly be amended and improved during the lease term. All that is needed is proper negotiation and leverage with a landlord.
“What about when my lease expiration date is approaching?” many ask. “When should we start looking or negotiating for a renewal?” The the time frame is the same whether you are looking to relocate or renew. Start now! The more time you have, the more you are able to retain the potential for relocating, giving your business leverage in a renewal negotiation. With all of the implications of relocating, the process can take 8-12 months. In a negotiation, the more leverage you have the better. After All, everyone wants their business to have the best lease possible.
Give yourself the upper hand in a lease negotiation by approaching your landlord at least 8 months before your lease expires. Time is a tenant’s strongest leverage, along with competing offers. It’s best to give yourself a minimum of 12 months to begin researching the market for competitive offers. The sooner you approach your landlord, the better lease you will get.
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