Maybe you’ve outgrown your current space, or you’re interested in trying a new neighborhood or just interested in a new space. There are a whole host of reasons why you want to move to a new office space. When a new client comes to us, they are often coming to us very late in their current lease, and later than they should be in order to start looking for new office space.
It’s never too early to begin looking for a new space. There is no reason you can’t begin your search as early as possible, though hopefully you’re happy and comfortable in your current space that you’re not looking to move right after you signed your current lease. Planning and executing an office move is complex with numerous phases.
You need to look for new office space, tour locations, and speak with landlords about potentially relocation, as well as discuss renewal options if you’re looking to stay in your current space. And in a market like New York with thousands of potential spaces to look at, exploring your options can take weeks or months.
You need to spend time negotiating your new lease with the new landlord. The process of lease negotiation can take months with many versions of the contract going back and forth as all of the details are hammered out. Leases can be anywhere from dozens to 100+ pages with dozens of different points of negotiation.
You need to have the space built out. Depending on the complexity of the build and the condition of the space, this process can take up to a year on its own for a large and complex space. Your needs for the space need to be considered, architects need to be hired and plans drafted and approved, and then the buildout work has to be completed.
With these in mind, you should begin exploring a new office space at least 6 months to a year prior to the expiration of your lease, and 1-2 years in advance is even better. Having time on your side is a big advantage. You won’t feel rushed and can fully explore all the options available to you, and spend time negotiating the most advantageous lease. Even if you are looking to renew your current space, spending time exploring your other options will give you a stronger negotiating position with your current landlord; whereas, if you wait too long, your landlord will have the upper hand.
No matter the size of your office or whether you are looking to renew or move, it is important that you start the process early. The process is complex, and there is no such thing as being too prepared. If you’re a couple years out from your lease expiration and would like to begin the process, contact us today.