This evening I came across an article that appeared in Ezine Articles titled: Eight Tips for Negotiating an Office Lease Renewal. In general, this was a well written article that recommended some very good points for business owners and managers when negotiating facility lease renewals. But I believe the strongest point made by the article was never actually articulated by the author.
Most business owners and managers couldn't help but read the author's 8 tips without thinking "how can I possibly find the time to conduct an effective lease renewal negotiation?" And the truth is, most can't. Conducting an effective lease renewal negotiation will mean that business managers must have some level of understanding of the market, the landlord's current circumstances, alternative spaces available to them, and many other factors and dynamics that are pertinent to the negotiation.
Yet most managers and business owners are already stretched for time and resources. Adding the above duties only takes the owner or manager's focus further from their core business.
Therefore, I believe the article reinforces the business owner or manager's need to enlist the resources of a commercial real estate broker to lead, or at least help, in the lease renewal negotiations. Further, if a business owner or manager is going to hire a broker, doesn't it make sense to hire a broker who specializes in Tenant Representation? Further, if the owner or manager is located in a market that has a firm specializing in Tenant Representation, such as my firm, Carmen Commercial Real Estate Services, that specializes in representing tenants in the Indianapolis office space market, the interests of the business are even more assured of being served.
Posts
3 comments: