It’s the most common mistake made by commercial tenants: they miss a huge opportunity, and lose truckloads of money, by negotiating their own lease renewal. While more than 90 percent of companies looking for 5,000 square feet or more rely on the expertise of a real estate professional to find and negotiate a new space, these same companies abandon this tried-and-true approach when renewing.
Common Renewal Mistakes, Part 1 of 2 Read More »
One of the most common mistakes we see office tenants make is negotiating a lease renewal on their own. In doing so they miss a huge opportunity and lose truckloads of money. While more than 90 percent of companies looking for 5,000 square feet or more rely on the expertise of a real estate professional to find and negotiate a new-space lease, these same companies abandon this tried-and-true approach when renewing.
Common Renewal Mistakes, Part 1 of 3 Read More »
5. Know what your lease renewal means to your landlord: If you negotiate your lease renewal on your own, it’s impossible to know the countless variables your landlord considers and their effect on creating leverage and extracting concessions, such as:
Common Renewal Mistakes, Part 2 of 2 Read More »
4. More dollars at stake – The way you handle your lease renewal is critical. Keep in mind, real estate is your company’s second or third largest expense and its significant impact on your bottom line can’t be overstated.. In this economic climate, landlords are providing free rent, lower base rent and tenant improvement dollars to renewing tenants who know how much to ask for, and how to ask for it, based on market conditions specific to their geographic area.
Common Renewal Mistakes, Part 2 of 3 Read More »
Markets change; building conditions change; even your landlord may have changed since you last signed your lease. These changes might provide a window of opportunity for you. For example, during lease renewal, you could potentially eliminate archaic requirements such as restoring the space to its original condition upon lease termination, or a large security deposit
Common Renewal Mistakes, Part 3 of 3 Read More »
Today we discuss the options available to companies looking to downsize their office space due to cost-cutting measures. We’ll highlight the importance of speaking to a broker well in advance of lease expiration and explore alternatives to downsizing in-place.
Decisive Steps to Successfully Downsize Read More »
It may be somewhat of a cliché, but you need to consider the end before the beginning. Before you sign on to a new commercial lease, you should establish a viable exit strategy.
Don’t Surrender Before You Move In Read More »
Similar to other industries, the effectiveness of a commercial real estate firm is determined by 15-minute issues. Attention to detail differentiates experienced brokers from novices and can make the difference in a wide scope of services.
Too often, tenants pay attention to rental rates without considering the total amount of square footage leased. Don’t make this common mistake!
A “Great Deal” for Too Much Space Read More »
Architects can play a vital role during commercial real estate searches and renewals. In conjunction with real estate lawyers and brokers, they represent an essential part of any negotiating team.
Architects and Commercial Real Estate Read More »
NORWALK, CT – Adam Cognetta, vice president of Choyce Peterson, Inc. (www.choycepeterson.com), a full service commercial real estate brokerage and consulting firm with a specialty in representing both office and healthcare tenants, recently served on the Executive Committee for the American Cancer Society’s Comedy Against Cancer event in Stamford, CT, which raised net donations of more than $350,000.
In most commercial leases, a tenant will pay a penalty for failure to vacate the premises in a timely fashion at the end of the lease term. Said penalties are often stated as 1.5-2.0 times the rent. Tenants may opt to negotiate this number down to a more acceptable amount if/when reasonable circumstances arise to hinder a prompt departure.
Avert Holdover Penalties with Proper Planning Read More »
Tenants who consider buying out of their existing office lease usually do so for three main reasons:
Buyout of Your Current Lease Read More »
Tenants who consider buying out of their existing office lease usually do so for three main reasons:
Buyout Your Current Office Lease Read More »
