in addition to being costly, moving can be a pain; however, staying put might not be the best decision for your business either. the only way to make a sound decision is to weigh out the pros and cons of each, digging deep to get clarity on exactly which choice will offer the most benefit. if you do choose to relocate, finding the right space for your business can be a lengthy process. another factor to take into consideration is the size of the current commercial property you are occupying. take inventory of your time spent in the space to realize what has worked and what hasn’t worked for your business. if your space has felt too small or inadequate to meet the needs of your business, you can likely assume you’ve outgrown it and it’s time to move into a new space.
consider: are there any properties currently on the market that could offer you the same benefits as your current property at a potentially lower rate? this is also a great time to reassess your company’s needs. the above, for example, might be a circumstance where relocating makes more sense and could save you quite a bit of money. revisit your original lease to determine who is in charge of any large repairs that might be approaching so you have a clear understanding of your financial responsibility. rather than just exercising your right to renew and signing on for a new lease term, you may want to consider renegotiating a lease for the same commercial space you are in. another way around this sticky situation is to exercise your option to renew but to insert the new rental rate in your letter of intent. rather than blindly renewing your commercial lease, take some time to pay attention to these factors so that you can make a clear and informed decision.
it is therefore easy for a tenant to overlook renewal options during a commercial lease negotiation. a good renewal option on an initial lease can reduce negotiation time when the initial lease is up and provide savings to the tenant. many tenants approach a lease renewal as the only option to continue to stay in the same location. in this situation, a tenant can view a lease renewal option as a safety net of sorts. in fact, it is not unheard of for a landlord to provide renewal incentives to existing tenants in order to keep a solid tenant from leaving. negotiating a commercial lease is highly dependent on the circumstances. for commercial tenants, running the day-to-day operations of the business often leaves little time to consider all of the options available in a lease renewal.
the experienced commercial real estate attorneys at the weaver law firm can help commercial tenants avoid common pitfalls in lease agreements, provide favorable terms and ensure that the tenant can focus on what they do well – running a business. he took my case to trial and won. i can safely say that richard weaver is a knowledgeable real estate lawyer from the point of drafting of the purchase agreement through and post closing. i now know that as buyers or sellers of real estate, people should consult an attorney before they sign the purchase agreement. by the time it is signed, it is often too late for the attorney to do anything about a problem with the real estate. he was able to lower the purchase price substantially and save us tens of thousands of dollars on the purchase of our dream home. and if it isn’t too late, it will usually cost much more to get a lawyer involved once the deal has gone awry. as a matter of fact, we found richard weaver to be so personable, intelligent and responsible.
a lease renewal allows a tenant to prolong a current lease past its scheduled end date. the renewal is only legally binding after it has been signed by both the if you choose to renew, your landlord will likely require anywhere from six to 12 months’ notice (or however outlined in your original lease) when you’re ready to do your commercial lease renewal, use your market data and the broker that is helping you to renegotiate as many terms as, commercial lease renewal negotiation letter, commercial lease renewal negotiation letter, how to negotiate a commercial lease renewal, lease renewal agreement template, free lease renewal agreement template.
what is a lease renewal option? a commercial lease renewal option allows tenants to renew their lease agreement within a certain window of time, typically six to 12 months prior to the expiration of the lease. a lease can always be renegotiated, but an advantageous renewal option provides a very good fallback option for the tenant. rent increases are not set in stone there are differences between an “extension” option and a “renewal” option. jay a. gitles, a member of commercial leasing law & strategy’s board of one of the most overlooked clauses in commercial leases is the option to renew. essentially, an option to renew is merely an offer by which the lessor binds, lease renewal agreement pdf, commercial lease renewal rent increase, lease renewal letter template, landlord not renewing commercial lease, lease renewal agreement word, lease renewal letter with rent increase, lease renewal email to tenant, lease renewal agreement florida, lease renewal agreement texas, lease renewal agreement california.
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