4 Tips on How to Handle Your Office Lease Expiry
You have come to the end of your office lease and have an important decision to make. You might find yourself stuck trying to figure out whether your company should stay or go. But do you know how to weigh up the costs and benefits of lease renewal versus relocation? And how do you identify the hidden costs that come with each option?
To determine the best solution for your business, you need to consider a range of factors. These include market stock, current rent levels and incentives, connectivity, parking, make good and fit-out costs, access, visibility and your overall business objectives.
Here a few tips to consider:
1. Renew Your Commercial Lease
If you are not looking to expand anytime soon, renewing your existing lease is probably your best option. spaceSense can help to ensure that market analysis is done for you in order to negotiate fair terms that are in line with the market.
2. Expand Your Existing Space
Moving to a larger space may not be a financially or operationally viable option, even for a growing business. spaceSense will ensure fair negotiation with your landlord, manage your space planning, design and fit-out to allow you to expand within your current location.
3. Return Space You Don’t Use
If you have reduced your local headcount, you probably have some under-utilised space on hand. Instead of moving out to a smaller office space, you could consider compacting your office layout and return the under-utilised space. Of course, this will need to be negotiated with the landlord and the success is highly dependent on how viable is it for the landlord to lease out the returned space.
4. Relocate to a New Building
spaceSense will evaluate your business needs, conduct a property search and present you with full market insights and alternatives to determine whether relocation is the best solution. And if it is, we will match you with the perfect space and negotiate the best possible terms on your behalf. Download a simple Office Relocation Guide and let us call you back.