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As you approach the end of your commercial lease, you may wonder whether to renew or look for a new space. Both a renewal and relocation have pros and cons, so you’ll want to consider both options before making a decision.
To get you started, we’ve compiled the benefits of renewing your lease and relocating.
Benefits of Lease Renewal
- Minimize interruptions to your business
- Avoid moving expenses
- Remain in a location easily found by clients
- Maintain relationships with your landlord, property manager and clients
- Reuse your existing build-out instead of paying for pricey tenant improvements at a new location
- Save time by renewing instead of researching, touring and negotiating for a new space.
Benefits of Relocation
- Generate excitement among your employees and access a new talent pool in a new location
- Build a new space that better fits your needs and includes opportunities for expansion
- Ensure your location is the best in the market with the latest features
- Negotiate a more favorable deal with a new landlord
- Enter new markets and expand your client base
Your situation is unique, and we would love to help you make the right decision for your business. Contact a member of our tenant representation team to discuss your options.