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).