Your Office Lease Expires Soon, What Should You Do?

By June 14, 2019Market Insights

Keel CRE Tenant Advisor – Blog

Tips for Leasing Commercial Real Estate

Your office lease expires soon, what should you do? So you are a business owner or corporate manager responsible for maintaining your company workspace and office location. You signed an office lease some time ago for your current location but now realize that there isn’t much time remaining before the lease term is set to expire.

New Commercial Real Estate Development in Tysons VA

Know Your Commercial Lease Options.

A deadline is fast approaching! Start thinking about your future leasing options now. But before you discuss anything with your landlord, address these important leasing questions first!

    • Should we extend or renew our lease?
    • Could we search for an alternative space in another building that is more suitable for our business?
    • Does our current lease have a renewal clause?
    • Do we need to notify the landlord of our intent? If not, can we even renew?

Lease Renewal

When is the best time to renew our office lease?

Time will either be your friend or your enemy. You’ll need more of it, especially if you decide to move your business to a new office building versus staying in an existing space.

“Typically, 9 – 15 months prior to current lease expiration is a good benchmark for businesses in the 5,000 sf to 15,000 sf range to renew.”  Rick Henneberg, Keel Commercial Real Estate Tenant Representatives in Tysons VA

Timing can be altered, depending on the size of a business for implementation and management of the process, but typically it is a good benchmark to explore lease options 9 to 15  months before current lease expiration.

Don’t wait to renew.

Control the process. Waiting to renew a lease within 9 months of expiration is not the best choice.  Contact your landlord, or better yet an experienced tenant representative, well in advance before planning to renew an office lease or to look at alternative locations.

Waiting too long to renew an office lease can severely impact your ability to control the process.  It is better to contact a commercial real estate broker who specializes in representing tenants when negotiating commercial space for rent.

“Building owners and property landlords realize when you don’t have enough time.”  –Rick Henneberg, Keel CRE

Plan Ahead. Be prepared and explore all of your real estate options when leasing commercial office space. Building owners and property landlords realize when you don’t have enough time to relocate to other office space before a lease expires. Whether your business decides to stay in its current location or search for a new one, a tenant representative is your best ally for negotiating commercial real estate property leases.

Office Relocation

When is the best time to relocate our office?

If you intend to relocate your business to a new office space, plan to add 3 to 6 more months to the process –especially when leasing new commercial real estate in the Capital District of Washington DC, Virginia and Maryland.  Why? Because of unavoidable circumstances when:

    • Negotiating a new lease agreement
    • Renewing a simple lease amendment
    • Planning and designing a new space

For example, county approvals, construction permits for new office space and the time required for the physical move must be taken into account when leasing commercial office space.

Be Represented

It’s best to maximize leverage and exert control when leasing commercial office space with a building owner or property management company.  A professional team of tenant representatives can manage your business interests. Here is what you will gain:

    • Access to commercial real estate market information in Washington DC
    • Transaction expertise for leasing office space in Northern Virginia, Maryland and Mid-Atlantic Region
    • Seasoned skills for negotiating commercial lease agreements
    • A process manager and resource provider

Hire an Expert

Before you do anything, it’s best to consult with a commercial real estate broker who can advise a business like yours throughout the office leasing process. By utilizing a commercial listing representative, who specializes in tenant representation, you can acquire negotiating skills that are equal or better to those of the landlord.

Contact Us

To lease office or industrial space in the Washington DC real estate market, call Keel Commercial Real Estate at 703-625-3666.

About Keel Commercial Real Estate

Keel CRE is an agency of tenant representatives led by Rick Henneberg who has over 30 years of commercial real estate experience.  Business owners and company representatives who seek real estate for lease in Washington DC or Northern Virginia are discovering the Keel Commercial Real Estate Advantage by working with Rick and his experienced team of office leasing experts.

 

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