As a leader of your company you understand the importance of making strategic decisions that impact your bottom line. With many companies adopting hybrid office models and reassessing their space needs, now is the perfect time to consider your upcoming office lease renewal. Peachtree Commercial Real Estate has been helping companies in Atlanta for over 27 years and we can guide you through the lease renewal process and show you why engaging a specialized tenant representation broker can be your most valuable move.
Landlords often assume tenants will stay, reducing their willingness to offer concessions. Treat the renewal process as if you were planning to move by considering other viable options. This strategy creates leverage, positioning you to negotiate better terms. A good Tenant Representative Broker will present you with the best viable options available that are comparable to your current location and help you leverage the concessions and incentives offered by the other Landlords to maximize your negotiating power for your lease renewal.
The commercial real estate market in Atlanta is dynamic and can change significantly between lease terms. We’ll provide you with up-to-date market data, including vacancy and rental rate trends and lease comparables, to ensure you understand the current market landscape. This knowledge empowers you to negotiate terms that reflect current market conditions, instilling confidence that the deal terms on the table are competitive in the current market climate.
Renewals are financially beneficial for landlords as they avoid the costs associated with vacancies, such as a break in rental income, marketing costs, build out costs (most new tenants want to modify spaces to meet their specific needs), and legal fees for lease negotiations. By engaging a tenant representation broker, you can quantify these savings and negotiate for more favorable terms, such as rent reductions, shorter or longer lease terms, and more flexible lease conditions.
Starting the renewal process early can lock in current rental rates, secure tenant improvement allowances, and address your changing space needs. Whether you need to expand, downsize, or simply upgrade your office, early negotiations can provide the leverage needed to achieve your goals while still offering you the freedom to explore other space options with your broker.
Even if you have a great relationship with your landlord, an experienced Atlanta broker’s expertise ensures that your interests are fully represented. Good Brokers understand market dynamics and can usually secure better terms than tenants negotiating directly. They can also uncover opportunities to address outdated lease terms and optimize your lease agreement for the future.
Begin the renewal process at least 18-24 months before your lease expires for larger spaces (over 25,000 sq ft), 12 months for medium spaces (10,000-25,000 sq ft), and 6-12 months for smaller spaces. Continuously monitor the market to take advantage of changing economic conditions and opportunities for savings.
A good broker can provide insight on your landlord’s financial position and outline the benefits from retaining your company as a tenant can be a powerful negotiation tool. Assess their portfolio and leverage this information to negotiate favorable terms that reflect the value your company brings to as a tenant at their in their building.
Consider your current and future space needs. Identify areas for improvement, such as reducing or expanding your office space footprint, attractive amenities for your employees, office configuration (more or less offices and open areas, and technology infrastructure. Use these insights to negotiate updates and improvements that enhance your work environment.
Even if you plan to stay, researching other market options can provide leverage and reveal competitive alternatives. This approach can pressure your landlord to offer better terms to retain your company’s tenancy in their building.
Approach negotiations with a strategic plan, demonstrating that you are well-informed and prepared to consider other locations if necessary. This positioning encourages landlords to offer more favorable terms.
A good broker who specializes in tenant representation brings market knowledge, negotiation skills, and advocacy to the table. They ensure you secure the best possible lease terms for your renewal, maximizing your occupancy cost savings and optimizing your lease agreement.
With over 27 years of experience in Atlanta’s commercial real estate market, we know the process, building details, and key players involved in lease negotiations better than most. Our expertise and dedication to clients have consistently delivered favorable outcomes, ensuring that their office space needs are met efficiently and cost-effectively.
Engage Peachtree Commercial Real Estate for your lease renewal to:
Contact us today to schedule a consultation and start planning your lease renewal strategy. Let’s work together to ensure your office space continues to support your business’s success.
Enter your email address and we will send you a link to change your password.
Let’s Discuss Your Space Needs…
Sublease, Direct-lease, Sale, or Purchase<br>
We welcome an opportunity to help!
Just share some details on your company’s space requirements below, and we’ll send you details on the best sublease options available for your company’s space needs.
