When is it time to start the time-consuming search for new office space? Typically that decision is driven by one or more of the following: an upcoming lease expiration date, space that’s either too small or too large for your current needs, and/or the desire to own vs. lease. Whatever the reason, there are some important things to consider as you head down the sometimes arduous path to finding new office space.
Time– The amount of time remaining on your existing lease term can either be an asset or a liability to you. Tenants that are not sweating out a lease expiration are less likely to be pressured by landlords looking for a quick commitment. So, it is imperative to start the process early before that expiration date starts to erode your negotiating leverage with prospective landlords.
Team– Have you picked the advisors you will need? A short list should include the following: Continue reading Do You Need Tenant Representation for Office Space?