The process of evaluating your lease should be done on an on-going basis. As your business operates, day to day, a check list in the back of your mind notes:
- What portions of the space that get used the most, would there be a benefit of having more of it?
- Portions of the space that never get used?
- Where is the traffic?
- Do you have visitors to the space, foot traffic, deliveries, or strictly employees?
- Is visibility important, either within the building or to the general public?
- Is the technology available in my current space adequate and can it keep up with technological advances over the next 3-5 years?
According to The Broker List, "Large corporate entities with larger space utilization in a given market would want to start evaluating and discussing their existing leases 12-24 months out." By taking time to reevaluate your lease renewal regardless of your size will better leverage your company long-term.
In today's market, tenants and companies should be proactive in the pursuit of lease renewals. It is crucial to plan ahead and do your research when decided if it's time to move. Selecting a broker to help you with these complicated decisions should be done very early in the process. A competent broker will help you through all phases of the evaluation process, and execute the path of action that is decided. Your broker, with an expert knowledge of current market conditions, should be able to negotiate favorable terms that are a benefit to your organization and representative of the company’s goals and objectives.