Give Yourself Enough Time to Consider Options Before Renewing Lease
If the end of your current lease is on the horizon, you should have already started weighing your options. Particularly in a very tight commercial real estate market, you should allow at least nine to 12 months for the process to play out, says commercial real estate broker and developer Michael Kushner.
That’s because it can take several months to research your alternatives, open up negotiations with prospective owners (especially concerning tenant improvements), and then come back to your current owner. And you’ll want to allow two to four months if you have to plan a move. For a checklist of items to consider during the process, see “Take Eight Actions Before Renewing Your Lease,” available to subscribers here.
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