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Tips for negotiating a commercial lease renewal

| Dec 8, 2020 | Commercial Real Estate |

When the lease your Massachusetts company has comes to an end, it gives you the opportunity to revisit it and potentially negotiate a more favorable lease agreement. The more thorough of an understanding you have of the lease, the local market and how they relate to the needs of your company, the better your chances of making a strong case for your business. 

According to Jones Lang LaSalle, the following pointers may help you negotiate a commercial lease renewal that meets your needs and fits within your budget. 

Be proactive

Do not wait until the last minute to try to negotiate your commercial lease renewal. Instead, set the wheels in motion several months before your current lease expires by contacting your landlord and informing him or her of your wishes and plans. Often, starting the process early works to your advantage. 

Consider what the space needs

Before negotiating a commercial lease renewal, ask yourself what the space needs to serve your business better. Maybe it suffers from a lack of technology, or maybe it has a poor configuration you feel hinders productivity. This is the time to address such matters with your landlord. If your landlord wants you to stay on as a tenant, he or she may be more likely to make the changes you desire. 

Consider alternatives

It may also benefit your business for you to research alternative leasing options if you and your landlord are unable to come to a renewal agreement. New properties may have come available since you occupied your original commercial space. You may also be able to find a space that offers more desirable amenities or other perks.