Lease
Renewal

Leasing commercial space in Manhattan can be overwhelming. To help streamline the process we've created a handbook breaking down the key aspects.
View Leasing Guide

Lease Renewal

If you are happy in your current space in Manhattan, extending your lease term is usually the easiest, most efficient, and most cost-effective solution for your business.

Before renewing a lease, there are a few things most business will (and probably should) do including:

  • Being proactive with your landlord and either contacting them or having your broker contact them well before your lease expiration to find out what their expectations are for renewal terms.
  • Check market conditions to evaluate your space against comparable alternatives.
  • Commence negotiations with your landlord 6-8 months prior to lease expiration to ensure you have leverage and time for a contingency plan.

If you have done the above, you are in a great position to make a decision as to whether staying in your current space at the rates you’ve negotiated is the best move.

As your representative, we could facilitate all of the above for you:

  • Contact your landlord to find out their initial position for renewal terms
  • Present comparable availabilities in the market
  • Negotiate simultaneously with your existing landlord and any other options and help you compare terms
  • Advise you on less obvious negotiating points on your renewal (or a new lease) that you otherwise may overlook. For example, base tax-years, hidden extra charges, negotiating compensation for landlord termination clauses, improvement allowances, and additional concessions.

Like all other commercial tenant-representation services provided by NYC real estate brokers, there is no cost associated to the tenant. A landlord will pay our commission on a new lease and your landlord will pay us (since your landlord would likely be paying a broker anyway to find your replacement).