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Parties to a commercial lease who wish to negotiate a renewal must make sure they are negotiating with the right person. For example, franchisee tenants may have to negotiate with the landlord directly, or negotiate with a property manager, a real estate agent or an in-house representative. Do some research about the landlord, and start preparing to negotiate 9 to 12 months in advance of the renewal.
When renewing a commercial lease, there are some factors parties need to take in consideration. Researching the other party is one important factor that parties often neglect. Reviewing the terms of the original lease is also important, as situations related to the terms may have changed over the course of the lease. One of the most important pieces of advice given in the article is to always negotiate the terms. As a returning customer, the tenant may be eligible for incentives if they choose to renew the lease.
Read the article here.Take away:
- When renewing a commercial lease, parties must research the other party and the opportunities that may be available to them in negotiating a lease renewal.