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Common Lease Renewal Mistakes |
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Office tenant behavior frequently seems contradictory. Ninety percent of companies with at least 10,000 square feet of office space will negotiate with the landlord through a third-party broker for relocations, but forty percent fail to do so for renewals, despite their landlord's superior experience and market knowledge.
As a service to those choosing the latter course, below are a few points to consider when negotiating directly.
1. Treat renewal negotiations as a process.
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HVAC Solutions/Operating Expenses:
A Relocation/Renewal Case Study |
A 10,000+sf client ("client 71") recently experienced a host of problems with their existing space including an escalation of operating costs, HVAC malfunctions and leaks from the windows and ceiling. Choyce Peterson was brought on board to help them identify and evaluate alternative office locations within a five-mile radius. Relocating seemed virtually certain, but in the end, client 71 renewed. A few aspects of the process we followed were particularly instructive:
Evaluate your space (with the right team): We started with a comprehensive list of questions to jog client 71's memory and compile every single problem with their current space.
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 Choyce Peterson
203-356-9600 914-422-5700
Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm, was founded in 1997. The company has negotiated millions of square feet of transactions in Fairfield and Westchester counties, as well as spanning 43 states and Canada. |
