If you own a business, you should know exactly when your industrial lease ends. But, if you are like many business owners, you only have a general idea of when that date is. Here’s the catch – if you are even considering relocating or expanding when your lease ends, it’s smart to get the ball rolling early.
How Long Before My Lease Expires Should I Start Looking?
If you are leasing less than 15,000 square feet, twelve months is usually enough time to begin thinking about your strategic plan. During that time you will be able to assess and analyze your current lease documents and lease location, which will help you make decisions about what you might need in a future location.
If you are leasing more than more than 15,000 square feet, you want to begin thinking about your plans to expand at your current location, renew your existing lease, or relocate to a facility that better fits your needs up to 24 months in advance.
Leasing From a Large Corporate Entity or Portfolio Owner?
The smartest course of action is to allow plenty of time to carefully consider all options in your business and in the market. From renewing your lease, to relocating, to closing down a part of your operations, these factors are easier if you’ve had time to adequately think them through.
And here’s another tip, no matter the size of your business. Being upfront with your landlord about the fact that you are exploring all options can help create much-needed leverage. Often, especially with northern Nevada’s booming industrial real estate market, that renewal provisions come with lower rental rates than what the rest of the market currently offers and having a cooperative landlord may make a renewal a better option than relocating, and you can encourage this cooperation by being plain about the fact that you’re considering all options.
When Have You Missed an Opportunity?
If the appearance of renewal paperwork in your inbox is the only reason you started thinking about your lease expiration, you’re late to the table. Don’t miss the opportunity to effectively evaluate your operations and options. Partnering with an agent experienced in tenant representation for your renewal can streamline this process and save you time and money. If you are looking to renew your industrial lease or expand your operations, Miller Industrial Properties can save you time and money.