Should You Stay or Should You Go? Things to Consider When Deciding if It’s Time to Renew Your Lease or Relocate.

By |Published On: October 28th, 2019|Categories: Blog, Consulting, Leasing|Tags: |

The most critical step is to understand all your options in your current lease. Leases can be complicated and overwhelming, so this would be an ideal time to engage a tenant rep broker and get their advice. They can easily break down your options and help you formulate a plan. Having a broker on your side will let the landlord know that you are serious about finding the best deal and that you have other options if they aren’t willing to negotiate a fair deal with you.

You will also need to start early, sometimes really early. Most leases require a 6-12 month notice if you intend to renew. Miss that window and you may be scrambling to find new office space. The landlord may have other plans for that space (and those plans might not include you), so if you do not give notice, you lose your renewal right. Have a tenant rep broker engage the landlordthey will get valuable insight into the landlord’s future plans.

Should you Stay?

  • If you have a favorable renewal rate and the current space is still working well for you, then you will probably want to stay put. You might even want to consider renewing early.
  • If you are pretty sure you want to stay but are not sure you will have a favorable renewal rate, you will want to have a broker do a market analysis. You may find a property that suits you better and has more favorable terms. Plus, your current landlord will know you are serious about getting the best deal.
  • If you like your space, but it doesn’t meet your square footage needs anymore, talk to your landlord early. The landlord will most likely work with you to either expand/reduce your space, but it will take some time. Unfortunately, it won’t always be possible for them to accommodate you, so you will need ample time to find a new location.
  • If the renewal notice date snuck up on you or you don’t have a renewal option and you are unsure of future needs, you may want to do a short-term lease. That will buy you some time to address your future needs and do a market evaluation.
  • If you have an automatic renewal clause and you missed the notice date, you may be forced to stay in the space for the renewal term.

Should you move?

  • If you do not have a renewal option or your current renewal option is not favorable, it may be in your best interest to look at other alternatives.
  • Sometimes you may not have a choice. If you do not have a renewal right and the landlord wants your space to accommodate another tenant, they can make you leave at the end of your term.
  • Evaluate your current space. Does it still meet your needs? Will it meet your future needs? If your current building can no longer accommodate your needs, you should consider moving.
  • Outdated systems and amenities in your current building. Unless the landlord has a plan for upgrades, you will probably need to look elsewhere to meet those needs.
  • If you have an unreasonable landlord.
  • If you are not in your ideal location. You may have gotten a great lease rate, but at what cost? If you are off the beaten path with little or no access to public transportation or retail amenities, you may want to consider moving. Talk to your employees and clients and find out what is important to them.

Deciding whether to renew your lease or move doesn’t have to be a daunting task. Let a tenant rep broker do the heavy lifting for you. They can analyze your current lease, do a thorough market evaluation, and negotiate your new lease or lease renewal.

Brian Smith, SIOR, CCIM, owns Regent Commercial Real Estate and is an expert in the Charlotte area.

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Brian is the owner and Broker-in-Charge of Regent Commercial Real Estate, based in Charlotte, NC. He has successfully helped secure nearly one thousand leases and sales transactions during his career as a Commercial Real Estate Broker. As a certified member of the Society of Industrial and Office Realtors® (SIOR), Brian ranks among the world's foremost experts in commercial real estate brokerage, boasting extensive experience and a track record of success. He looks forward to getting to know you and your company and learning how he can partner with you to achieve your objectives in the Charlotte Commercial Real Estate sector.

What our clients are saying

Mario Interiano
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Brian was incredibly easy to work with. Our project together went extremely smooth and I look forward to continue our working partnership!
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Evan Brandt
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Brian is an upstanding guy and incredibly easy to work with. His strong communication and positive attitude are an immense asset and I look forward to working with him further!
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We had a wonderful experience working with a very forward-thinking team. Look forward to doing a lot more business together in the future!
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Great company and very nice people to talk too!
Charlie Grooff
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Amazing service with a friendly staff, could not recommend a better group
Witherspoon IV
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Brian Smith is very professional, he gave great advice and reassurance. Regent Commercial Real Estate is very efficient and exceeded my expectations. I would highly recommend them.
kary kim
kary kim
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Rain is very easy to work with and pays attention to details which results in efficiency!
Brian is easy to communicate with. He’s very professional and knowledgeable. I highly recommend him if you have any commercial real estate needs.
Susie Paiser
Susie Paiser
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I very impressed with Brian Smith’s personality, perspective and professionalism. He was easy to communicate with. Answered questions putting me at ease. Thanks Brian
Dillon Gary
Dillon Gary
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I have thoroughly enjoyed working with Brian! He is so pleasant to work with and has made the whole process so easy.
John Malpeli
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Faisal Padela
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Brian is incredibly professional wish all agents handle there clients like Brian here’s hoping to build a long professional relationship with your team
Jim McLeod
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Dave Yarnes
Dave Yarnes
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I have worked with Brian in different capacities over a several year period. No matter the size or complexity of the task Brian has been consistent in making sure that the project gets completed, and the results exceed expectations. I recommend reaching out to him for any of your commercial real estate needs.
David Henderson
David Henderson
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I have worked with Brain Smith off & on for the last 15 years. Alway proactive and thorough. I look forward to continuing the relationship with RCRE on our commercial property leases.
R.A. A.
R.A. A.
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I have met and interviewed many commercial real estate brokers, and Brian Smith strikes me as one of the best. He genuinely cares about his clients and takes a personal interest in their success.
Avidan Baum
Avidan Baum
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Highly recommend for all your commercial Real Estate needs
Brent Spitzer
Brent Spitzer
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My wife and I are real estate professionals who have known Brian for over 15 years. Brian has a wealth of experience in retail office and Industrial sectors and a very thorough knowledge of the North anf South Carolina markets. For those interested in potentially working with him, you should know that the CCIM and SIOR designations separate Brian from others. Not only from a level of experience, but also education. When you work with Brian you'll better understand what I mean. I would highly recommend him to anyone seeking commercial real estate guidance in the Carolinas.
Ellis Newell
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Justin Novosel
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Prompt service with an attention to detail!! Very professional, highly recommended.
Dan Anderson
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