Office lease expiry approaching soon? It's time to make the difficult decision of staying or going.

Although most lease agreements require a notice period of 6-12 months; leaving any decisions to this point may result in having to re-commit to a lease or selecting a new tenancy that does not fully support your business operations and team requirements.

The graph below gives the ideal timing to begin preparing for your lease end, depending on the project size:

 

Adhering to these timeline suggestions, it will give you the best opportunity to analyse your future business requirements, investigate the market and make tenancy comparisons.

How people work, and what employees expect from their workplace has undoubtedly changed over the last 24 months. The revolution in remote working and hybrid working has affected how teams operate and how much SQM office space is required, therefore it is essential to assess your business vision.

At face-value, a lease renewal may seem like the easiest option to avoid disruption and relocation costs, however, high-vacancy rates in the commercial market have provided an opportunity to negotiate with landlords to receive a better solution and rental deal.

At this point, engaging a tenant representative who will work independently on your behalf can provide an invaluable service by providing access to the best commercial properties on the market, completing suitability due diligence on each premises and then managing the often-complex landlord negotiations. It is possible to leverage incentives for reduced rent periods, fitout contributions or even a rent-free period should any of your alternative buildings work for your specific business drivers and team requirements.

To find out the top 5 key factors in a renewal/relocation decision, read more.

Click here to talk to us now about your lease expiry, we’re always happy to guide our clients on the best solution.