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Your Office Lease Is Expiring. Now What?

When it comes time to re-sign a lease or decide if you should look elsewhere for office or coworking space, it’s important for entrepreneurs to make the right choice for their own small business.

There are countless factors that weigh in on this important decision, and ultimately, it can affect your employees and the ability for your business to grow and reach its full potential. That means moving office space is more than just changing your address and packing up.

We talk with small business owners every day about how to determine if moving to a new office space is the right decision or not. We’ve compiled a list of important things to consider when you’re getting close to your current lease expiring.

  • Look at your renewal. About 9-12 months before it expires, take a look and revisit the terms. Is it a market rate renewal or a fixed rate renewal?  If your fixed rate renewal is above the current market rate, you may want to forego your renewal option and begin new negotiations with the landlord.  Knowing the difference will influence your decision on whether or not you want to leave or re-sign.
  • Compare options. As a small business owner, you’re used to doing your own research - look into the current market conditions or even search different spaces on our online platform. How do they compare to your current rate? Are you going to see an increase in rent?
  • Contemplate the cost to move. How is it going to affect your business both in the time spent and the actual moving costs?  
  • Determine growth. After looking at your renewal, then determine your growth for the next 36 months. How much is your company going to grow? Consider what clients or projects you have that will maintain over the next year, grow or wrap up, along with what happens to be in your pipeline.   
  • Inquire more. Ask questions and consider surveying your team members to find out what they hope for in an office space. A few questions to consider include: what is important to your team? What do they want and don’t want? What makes a move exciting for your employees? Additionally, a specific layout or type of space is going to affect workplace dynamics. Do you want space for your employees to collaborate or is it important for them to have their own designated space?
  • Negotiate. Be sure to always try to negotiate your lease. Your landlord should always treat you like a new tenant, such as by providing a month of market free rent per year, potential upgrades to the space, etc.  They want to keep your business.

Once you’ve worked through all of these questions, you’re armed with the answers to make the right decision for your next office space.  And don't forget about our brokers, who are here to help answer any questions you have.

We also have a blog post written by one of our co-founders, Bobby Goodman, that provides tips and tricks on how to successfully create a more inviting space. Check it out in Forbes.

Thanks to our online marketplace, we’ll make it easy for you to find the next traditional or coworking space that will work best for your small business.

Click here to start your search with us.

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