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Many of the clients that I am working with in 2019 signed their leases in 2014 or earlier for their commercial space. The commercial real estate market has changed dramatically in the last 5 years. Vacancies are at historical lows and rental rates have risen more than 30% in that period.
The process of finding space, negotiating a deal, getting the buildout on the space completed in time are all taking more time than it used to.
I email a past client about 14 months before the end of their current lease. I send them a survey of their particular submarket. This helps get the ball rolling as well as gives them a look at what the current conditions are and what their current landlord will be asking for should they desire to stay in their location.
“Time” is really the only ally that a tenant has today and it is only an ally as long as you have enough of it. The surest way to get the best deal from your current landlord is if they know you have enough time to find a fair deal if they don’t want to give you one. Starting the process early ensures that.
