When your business occupies commercial space in New Jersey and the end of your lease term starts to near, you may want to take some time to think about your current space and decide if it still suits your company’s needs. If there are certain things about the space you wish your landlord would change, you may want to call his or her attention to them before you renew your existing lease.
Per Jones Lang LaSalle, commercial lease terms tend to be lengthier than residential lease terms. This means that if you decide to renew your commercial lease without negotiating any changes to it, you may have to remain in the space as it is now for quite some time. However, if you want to negotiate with your landlord and make the space more favorable for you, consider taking the following steps when doing so.
Showcase your market knowledge
Make sure your landlord knows that you understand current market conditions. Make sure, too, that you showcase an understanding of what your landlord might gain or lose by keeping you in the rental space – or having someone else move in. If you were a solid tenant who paid on time, your landlord may be willing to work with you so as not to lose money if you were to vacate the space and leave it empty for a while.
Research other options
It is also advisable that you take a look at other options in case you and your landlord are unable to come to terms about renewing your lease. If you find competitive rental spaces, you may want to make your landlord aware of the fact that you are exploring your options.
It typically pays to start lease renewal negotiations early. That way, you have enough time to find another place to conduct business if you fail to agree on renewal terms.