Lease Renewals & Lease Modifications
Lease renewals are the single biggest squandered opportunity for commercial tenants in the entire commercial lease lifecycle.
Read that again.
Do you remember that feeling of proud accomplishment you felt when you first signed your lease? Do you remember the negotiation over every day of free rent and dollar of tenant improvement allowance? Most tenants do. Let’s be honest—it feels great knowing you received the best deal the market could offer!
Fast-forward five, seven, or ten years later. The landlord places a lease extension on your desk. You simply sign it and move onto your next meeting.
What happened?! Tenants do this every day, and landlords count on it.
Our Lease Renewal Strategy
We ensure you are valued by your landlord as much now as you were on the first day. We begin the process as early as two years prior to your scheduled lease termination, reviewing your use of the space, your future space needs, and the market.
We also examine your lease for any renewal options and compare those to current market pricing.
Thoughtful and Deliberate
Starting early ensures you have the time to make a thoughtful and deliberate decision regarding your real estate needs…and lets your landlord know that they have to compete if they want to keep you.
Don’t let your business fall prey to the lease renewal trap. Let us assist and help you rediscover your value.
What is a lease modification?
Rediscover your value
One of the most common illustrations of lease modifications occurred in the early days of the COVID-19 pandemic in 2020. Government-mandated shutdowns caused businesses and landlords alike to modify leases in order to stave off mass lease defaults and building vacancies.
Should I engage a professional to help me with my lease modification?
Always. Lease modifications can be challenging. Unlike during the lease negotiation when both parties were equally motivated and carried equal leverage, lease modifications usually involve an imbalance of leverage from the party requesting the modification—after all, the lease is already signed!
Further, a lease modification sometimes involves one party asking to break or modify a promise made to the other. Having a professional carefully intercede and handle the messaging of the modification can guard against the development of hard feelings and help to maintain the relationship between the parties for the long haul.