When you lease commercial property in Ohio, your lease may last longer than a traditional residential lease would. When the time comes to renew your commercial lease, do not waste this opportunity to make sure your lease agreement still serves you well – or to negotiate new terms if it no longer does so.
You may arrive at a more favorable outcome during commercial lease renewal negotiations if you do the following.
1. Present yourself as knowledgeable
You want your landlord to know that you understand the market and know that there are other properties out there that may suit your needs. If your lease terms are no longer financially competitive, show some evidence of this. If other properties offer more amenities than your current one, this may also give you some bargaining power.
2. Research alternative options
Seeing what else is out there helps you avoid feeling stuck in a situation that no longer works for you. It always pays to have a backup plan in case lease renewal negotiations fail to work in your favor.
3. Ask for what you want
If you need your landlord to make improvements to your rental space, now is the time to ask for them. If your requests are reasonable and they fail to accommodate you, consider looking into what your landlord stands to lose if you move out and the space is vacant for a few months. It may come in handy to have this information in your back pocket.
When it comes to negotiating commercial lease renewal terms, it pays to start the process early. That way, you have options should your landlord fail to make the accommodations you need.