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3 steps to take when negotiating a commercial lease renewal

On Behalf of | May 24, 2023 | Real Estate Law |

When you rent commercial space in Florida, you may find that the lease agreement comes with longer terms than a residential lease typically does. For this reason, it pays to take your time during lease renewal negotiations to help ensure that you do not wind up stuck in a lease that is unfair or detrimental to your business and its operations.

Per Jones Lang LaSalle, taking the following three steps during commercial lease renewal negotiations may boost your chances of winding up with a commercial lease agreement that is in line with your needs and wants.

1.  Start negotiations early

The sooner you start renegotiating your commercial lease, the more options you may have. Starting the process early also benefits you if you and your current landlord become unable to agree on renewal terms and you find yourself needing to find a new place to conduct business.

2. Familiarize yourself with the local market

There are several advantages of familiarizing yourself with the local commercial real estate market. First, it gives you an idea of where you might turn if you do not come to an agreement about renewing your current lease. Second, it gives you an idea of whether the renewal terms your current landlord is proposing are reasonable.

3. Reassess the space itself

If your current space is lacking in some way, now is the time to ask your landlord if he or she might be willing to work with you on updating it. Your landlord stands to lose time and money if you vacate, so it may serve him or her well to accommodate you.

Even if you are content with your current commercial rental, it is still wise to review your commercial lease whenever a renewal looms to make sure it still meets your needs.