After leasing commercial space in New Jersey, you may find that there are certain things about the space or the lease terms that you do not like. Because commercial leases often last longer than residential leases, you may want to discuss these matters with your landlord when it comes time to renew your existing lease.
Jones Lang LaSalle notes that it may work in your favor to do the following when negotiating a commercial lease renewal.
1. Make notes about what you need
If you are a good tenant and you pay on time, your landlord likely wants you to stay in your commercial space, rather than leave for a different one. This may give you some bargaining power, so if you need new amenities or better technology or infrastructure, now is the time to ask for it.
2. Research your options
There is always a chance that you and your landlord may not agree on lease renewal terms. In this situation, it pays to have researched alternative options so that you do not feel like you have to renew a lease that no longer meets your needs.
3. Present yourself as knowledgeable
It often pays, too, to showcase your knowledge of the local market – and what your landlord might lose if you move elsewhere and he or she has to find a new tenant and adapt the space to the new tenant’s needs.
The earlier you start commercial lease renewal negotiations, the more time you have to make your points – and look elsewhere for a place to run your business if need be.