When the end of your commercial real estate lease is coming up, it is time to consider whether you want to stay in your current office space, or if you need to relocate. It is important to start the lease renegotiation process as soon as possible in order to maintain your leverage and get the best deal. When you need tenant representation for your lease renegotiation in Denver or Northern Colorado, Rare Space can help. However, first you must decide whether or not extending your lease is right for you. In order to do this, you must ask yourself three questions:
Do I have a reason to relocate?
There are several reasons why a business may relocate. Maybe when you first signed your lease, you were trying to appeal to a different market. Now, you have tapped out your current market, and wish to diversify. Relocating may be the right choice for you to expand your horizons. Additionally, maybe your space has turned out to not meet your needs in other ways. Whether there is an unexpected rodent problem or nuisance neighbors, if you are unhappy with your space, you may consider finding a new one.
Do I intend to grow my business in the next five years?
If you intend to grow your business and hire new employees, it is important to keep in mind whether or not your current space will be able to accommodate them. When you are a growing business, there is nothing more frustrating than being limited by your space capacity.
Do I need to downsize?
On the flip side, you may find that your current space is simply too big for your operation. Whether you will be cutting overhead or making significant downsizing, moving to a smaller office space that better matches your needs may be the best option to save you money.
If you answered ‘no’ to all of these questions, it is probably in your best interest to stay put. If not, Rare Space can also help you find new office space in Denver or Northern Colorado. Contact us today.
