The decision to renew a commercial real estate lease or to relocate your office space should be carefully considered. Relevant factors include location, long-range goals, employee satisfaction, renovations, moving costs, and downtime. All are important, and all play a role in your business's long-term success. In the sections below, ACC Space, an experienced real estate broker in Garden City, NY, helps you walk through the decision.
How to Decide Whether to Renew Your Commercial Real Estate Lease or Relocate
Ideally, where would you like to be? Where would your employees like to work? Where can you best serve and attract customers? Are you close to transportation and amenities? These are all questions to ask before picking a spot to plant your business.
What is the long-range vision for your business? Where do you see it in 2, 5, or even 10 years? Can you achieve this vision in your current space by taking more of it and possibly renovating or do you need a new space altogether? Does your current space fit the company’s vision?
What do your employees want? What will attract new employees? Before making a decision, talk to your people. Learn about their wants and needs to make a decision that keeps current workers satisfied and helps you recruit high-quality new candidates.
Can you afford the necessary renovations in your current space? What type of tenant allowance can you get from your landlord? Renovations can be costly but may improve morale and bolster productivity. On the other hand, what are your relocation expenses? Downtime can be hard on a company in terms of productivity. Also, consider whether you have a good renewal option. If the terms are in your favor, you may want to consider staying. If the terms are not so attractive, there is usually room for negotiation.
As you can see, there are many factors to consider when making the decision to renew or relocate. Consider them all along with your current lease options and make the right choice! Also, consult ACC Space to discuss your options. They lease out office space and have properties for sale and are committed to helping business owners throughout Nassau County, Brooklyn, and Queens find the right solutions to their commercial real estate needs. Visit their website to learn more about their services, or call (516) 277-0666 to speak with a friendly, knowledgeable representative.