Commercial Lease Renewal? – Don’t Go It Alone
Iced coffee? Check.
Easy commute? Check.
That favorite quiet spot in your office is open? Check.
Sounds like your week is off to a fantastic start. But then you get the calendar invite you set for you and your CEO five years ago. The notification pops up, and it takes a moment for you to remember what it is. Oh yeah.
“Time to renew our lease.”
Remember when you first set that reminder? The year was 2018. No pandemic, remote work was a thing but not a widespread thing. The fresh paint, new floor plan, and live plants worked perfectly for your company then.
But does your space still work?
Be honest, are there underutilized spaces? How about offices that sit empty? Maybe there’s a shared space like a café that feels a little dated or run down? Perhaps you just want to see what else is out there? That’s a really good idea because there’s a chance that most of the buildings in your area have added fantastic amenities to stay competitive in this market. We’re talking about things like fire pits, on site fitness centers, and updated lobbies and dining options. Read our blog about how top notch amenities are the new normal.
You and your team deserve the most
With so much to consider, why go it alone? Infinity Group’s workplace strategy experts, change management consultants, and vast network of quality brokers can help you proceed with total clarity. We work nationwide and can help you with options in your area. Infinity Group regularly works with clients who need more than just a commercial design and build solution. We help clients figure out where to start, what their priorities are now, and how they expect to grow in the years to come.
If your lease is up for renewal soon it’s time to get organized
Here is a list of things to inventory today, so that you’re in great shape for a conversation about what’s next:
- How many employees work exclusively in the office?
- And how many employees work mostly remote?
- Are there any employees working a hybrid schedule?
- How many employees do you have total?
- What are the terms of your current lease agreement?
- What Tenant Improvement allowance does your current landlord offer for renewing?
- Has your current landlord made any enhancements to amenities?
- What are nearby buildings offering for Tenant Improvement Allowances and amenities?
- What business goals can your physical space support?
- Which additional wellness amenities are your team craving? More natural light? Nearby green space? Health and fitness center? Yoga rooms?
Put Time Back On Your Side
It’s best to start considering your renewal 18 months or more out from the expiration. If that’s your situation, that’s great. If not, it’s time to get to work. Notice periods are usually 6 months to a year. Working with a company like Infinity Group, no matter where you are in your timing, gives you an advocate for the best possible outcome. You could go month to month in your current building, but it’s risky.
Stay or go?
Only you and your company will be able to make that decision. But when you partner with Infinity Group we can give you our expert, objective opinion based on all factors in your local market. The COVID-19 pandemic has dramatically shifted the market forces for commercial office space. It’s not the same as it was before. You have a lot of power. We exist to help you claim it. If you stay, our workspace strategists will help you get the most out of your Tenant Improvement Allowance. And if you end up going somewhere new, we can also maximize your budget in the new space. Our team is also skilled in change management, and we are here to help you before, during, and after the move.
Ready to get started?
Tell us about your project, and someone from our team will get back to you shortly.