As you probably know, office rent is one of your largest business expenses. If your lease is expiring within a year, you may have the option to renegotiate and potentially reduce your rent expense as well as add upgrades or concessions to your lease that you did not previously have.
The commercial real estate market is currently facing a tenant’s market, which means you have more leverage now to get a better rental rate than you most likely did when you signed your lease. Take advantage now. Reduce this monster business expense while you can!, I can help you learn what the market is currently dictating in office rental rates and determine if your rent is comparable. If it’s not, we may be able to negotiate and lock in a lower rental rate for you for the next few years of your lease.
Are you wondering why your landlord would be interested in allowing you to renegotiate your lease if you are already in the building? Your expiring lease means that you may choose to relocate, leaving your landlord with a vacancy for which he has to pay real estate taxes and operating expenses. However, if we work to renegotiate your lease to reflect the current comparable asking rents, your landlord may agree to your concessions to keep you in the building. If you leave, not only will he have a vacancy to fill but that new lease will have to be at the current prices anyway in order to attract new tenants.
Why not just go to your landlord directly? You most certainly can. But the landlord is not likely to represent your interest better than an active tenant rep. The landlord will be protecting his interest, so why not have someone dedicated to protecting yours?
As your exclusive agent/tenant rep, I can:
- research local comparable properties to find out what their current asking rents are and find out if they are in line with yours
- tell you how many similar vacancies are in the area
- help you ask for concessions on your lease that you may otherwise have been unaware of being available to you
- save you time in your renegotiations by doing the research for you and drafting a professional proposal on your behalf
- build leverage for you in renegotiating your lease because your landlord will now know that you are informed of the market and may consider relocating if your rent isn’t compatible with the current market rates
- build leverage for you because if you work with a professional tenant representative your offer on a lease becomes more seriously considered
- offer this service at no cost to you. Landlords pay my tenant rep fees (a sure sign of how important even they think we are to the negotiation process).
Call me to find out how I may be able to help you. As a very active tenant representative (and leasing agent ) in the Schaumburg area (including surrounding suburban communities), I have worked with many landlords by not only bringing tenants to their properties but also by renegotiating leases for existing tenants. I can inform you of how your lease compares to current market rates as well as negotiate the lease on your behalf. Contact me today! Olivia Czyzynski: 847.397.8900 ext. 226 or olivia@dkrealty.com
Filed under: Uncategorized Tagged: | comparable rental rates, lease expiration, Schaumburg leasing market
