Negotiation Skills for Business, Salary and Debt
Negotiate Lease Renewal Early
Negotiate Lease Renewal Early
Don Kinney of Silicon Valley Land Company specializes in office, retail, and industrial tenant representation for San Jose, Santa Clara, and Sunnyvale, California. Our goal is to help tenants get a better building and reduce occupancy costs, often by 20%, or more. http://www.SiliconValleyLandCompany.com
Why Begin Commercial Lease Renewal Early?
Office, retail, and industrial lease renewal must be started long before the option expires to exploit the advantage you may have to hold the rent down and allow the negotiation of a fair lease agreement with the landlord. This paper explains how to get assistance from a tenant representative at little or no cost, and likely generate 20 to 30% savings here in San Jose, Santa Clara, and Sunnyvale, California.
To preserve any leverage you may have with a lease extension option, you must start the renewal process soon enough to allow time to explore current market rents for similar properties and prepare a group of alternate sites that meet your needs. It may take several months to over a year to create a competitive alternate to the landlord's building. Absent any competitive pressure, landlords traditionally quote a rent increase, even in down times. In fact, if the landlord senses that you have not allowed enough time to move to another site, you are captive. He will likely demand higher rent and give fewer concessions.
However, with the help of a tenant rep you will be able to prepare a competitive bidding situation and show that you are prepared to move. In fact, it is wise to let the landlord know that you are looking at other buildings. With one or more alternate sites vying for your business, it will be much easier to convince the landlord that you are serious about moving. In order to keep you, the landlord will be forced to deal with you as he or she would deal with a prospective new tenant.
This gives you substantially more negotiating strength. The tenant rep can help you negotiate a tenant favorable lease with fair and balanced lease clauses, and perhaps, additional options to renew with attractive terms. The landlord would prefer to retain you rather than search for another tenant in the current soft leasing market. The crucial fact is that the case needs to be prepared early so that you can utilize the negotiating time before the option expires.
Although these extra steps will take some involvement on your part, the heavy lifting is done by the tenant rep. He or she will do a site search of all available properties that meet your criteria, select a handful of them for you to consider, and arrange for you to tour the ones of interest. You end up with current market knowledge of comparable buildings, rental rates, and landlord concessions. This makes you much better prepared to deal with the renewal option task.
To further enhance your position, you could start the process at any time. If your current rental rate is like many others, substantially above current market, you can negotiate a lower rate with the landlord far ahead of your current option expiration. It is entirely possible for you to lower your occupancy costs now.
In summary, commercial property rental rates are low and landlords do not want vacancies. You can deal from strength by starting the lease renewal process early.
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