Renewal Options
You may feel as though you only just moved in when the lease comes up for renewal. There are several options to consider, many of which are the same options you considered when you were looking for the space initially. Does the space meet the company's physical needs? Is the location convenient to clients and staff? Is the building located in the geographically desirable area for our needs? After you review those answers, you need to explore your options.
Options
You will want to look at your options at least six months prior to the end of your lease. Should you renew, or relocate? Based on the answers to the above questions, you will have an idea of which direction you will need to go.
Renewing your lease is a great option if your space continues to meet the needs of the company. Your original lease will typically have specified renewal options. Remember, if the market has changed in your favor, you may want to try renegotiating the terms. There are many financial benefits to renewing - just think of how much money you spend moving in the first place (hiring movers, wiring for phone and internet new space, stationery expenses, change of phone number, company down time...)!
Relocation may be suitable if you have outgrown the space, the location is no longer ideal, the square footage cost is too high or any other reason that affects your business. Keep in mind that a sublease property may be out there to consider as a solution.
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