How To Successfully Negotiate Your Lease Renewal For Your Dallas Office Space

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How To Successfully Negotiate Your Lease Renewal For Your Dallas Office Space

If your Dallas office space lease is up then you know it’s time to renegotiate. If you are ready to stay put and talk about a lease renewal for your Dallas office space, remember to take the time. And educate yourself on your rights so that you can be sure you are getting the most competitive terms and conditions:

The following steps will help guide you in renegotiating your Dallas office space lease:

• Don’t wait until the last minute to weigh your options and make decisions. Don’t expect negotiations to take place immediately and don’t hurry through negotiations because your lease is coming to an end. Instead, think ahead of time and decide if you want to renew your Dallas office space and the terms and conditions under which you want to renew it.

• Before you settle on a Dallas office space renewal, research your options. The Dallas office space market has plenty of space to lease, so make sure you are making the best decision regarding your Dallas office space. However, also take into consideration the cost of moving and relocating, as this could mean the difference between a move and a lease renewal.

• Check out the market and see what other landlords are providing their tenants. Look at options for tenant improvements, rent holidays and other types of perks and benefits. If you come prepared to negotiate with your landlord based on other attractive offers for Dallas office space then your landlord will likely be a bit more receptive to your demands.

• Don’t underestimate the importance of a broker when renegotiating your Dallas office space lease. Do not retain a broker, as this could cost you a small fortune; instead, pay a consulting fee to a broker during the lease negotiations. Commercial
real estate brokers can be the source of a wealth of information regarding the Dallas office space market.

• Be prepared to talk to your landlord about the underlying value of the property you are leasing; the landlord’s income from the property; and your realistic demands. In order to become engaged in productive talks with your landlord you must have a general understanding of what the landlord’s bottom line is. In other words, don’t go into negotiations demanding unrealistic terms and expect to get anywhere.

• Check out similar lease agreements to ensure that your lease is comprehensive and fair. You may find other items and terms in another lease agreement that you want to incorporate into your Dallas office space lease agreement, so ask your commercial real estate broker to show you actual lease agreements that you can compare with your lease agreement.

Understand that the landlord likely uses a preprinted, or standard, lease agreement that, in general, benefits him. As such, it is your responsibility to fully read and understand every detail of this lease agreement so that you continue to protect your rights as a tenant. This is often where a good commercial real estate broker becomes invaluable.

By: Richard Soto.

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