Your Florida commercial lease term may prove longer than a traditional residential lease, meaning you only have so many chances to negotiate its terms. When the time comes for you to renew your commercial lease, you may want to use it to negotiate a better deal that saves you money or otherwise meets your needs in the long run.
According to Jones Lang LaSalle, you may want to take the following actions when working to negotiate a favorable commercial lease renewal.
Know your market
It often pays to portray yourself as a well-informed tenant. Monitor the market so that you might be able to identify any opportunities for perks, savings or bargaining power. Then, start the renewal conversation early to allow yourself plenty of time for negotiation.
Keep your options open when the time comes to renew your commercial lease. Market conditions change quite a bit over time, so you may find that the market now looks much different than you did when you signed your original lease. You may be able to find an alternative option that means less debt, more amenities or other benefits.
Understand what your landlord stands to lose
Your commercial landlord saves money when you renew your lease. If you leave, your landlord must take time to find someone else. The property may be vacant during this time, leading to a financial loss. New tenants may also mean that your landlord must make accommodations or updates to appease them, and this, too, comes at a cost.
Your business needs an affordable space that is in line with its business and economic interests. Your lease term ending gives you an opportunity to make sure it serves your needs and those of your company to the fullest extent possible.