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Tips to Renegotiate an Office Lease in Newnan

Today’s economy is giving businesses excellent opportunities when it comes time to renegotiate a lease. Vacancies are higher than ever, which might mean greater value for companies that are succeeding. It’s a simple matter of supply and demand: Landlords are desperate to lease their spaces.

Even if your happy with your office space and are prepared to renegotiate, you should be prepared by performing some research. Your landlord is only interested in charging the highest rent that a renter will accept. The landlord banks on the inconvenience that moving will cause for a company, and tend to offer a higher than market rate proposal.

It could be an advantage if a company makes the landlord aware that vacating is an option. To the owner, the threat of no money coming in for the property is not an option. To do this effectively, your company should assemble some information about other locations. This will show that the threat to leave is serious.

Brokers are an option to employ as well. These professionals represent the best interests of the business during negotiations. It is their job to be aware of all options and the market. Their very presence signals to a landlord that your company is ready to play hard ball. Effective negotiation should begin at least a year before the lease expires, as this will allow the opportunity to review all available options. This time should be used to obtain bids from other properties of interest in the area. The first offer from your landlord should never be accepted. Today’s economic climate means that there is a better deal out there. Be prepared to demand lower.

It goes without saying, but a company’s current landlord should never have any clue that there is interest in lease renewal. Be sure to never mention it to anyone. On that note, any questions or information request about the property lease should never be answered by employees. They should direct these inquiries to the company’s representation, such as a lawyer or broker. You want to keep as many cards as close to your vest as possible in order to come out as the winner for an office lease in Newnan.

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