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Is your lease expiring in 2022?

With the advent of the New Year, it is time to start thinking about what this year might bring for your business. Don’t let your expiring lease sneak up on you without adequate time to conduct your due diligence. Use the steps below to help you assess your space needs in 2022!

1. Start early!

Whether you plan to renew or relocate, don’t wait until the last minute to explore your commercial real estate options. If your lease is expiring at any point during 2022, now is the time to initiate the process. Timing is an essential part of any renegotiation or relocation project!

2. Be prepared... hire a tenant rep!

Commercial real estate can be a tricky business. Hiring a tenant rep means you always have someone in your corner. Tenant reps assist tenants in analyzing their space requirements and commercial real estate objectives in order to formulate the ideal real estate solution for their business. With Commercial Realty Advisors’ tenant representation expertise and extensive market knowledge, we can assist in the renegotiation of existing leases or help with relocation projects.

One of the most valuable aspects of tenant representation is the time that it saves business owners. Clients can handle the day-to-day operations of their businesses, while the tenant rep broker is taking care of the time-consuming tasks such as researching properties and negotiating agreement terms.


3. Analyze your current situation... should you stay, or should you go?

Take a step back and look at your current space, does it fit your needs? Is your business expected to expand/contract in the next fiscal year? What does your business plan look like for the next few years, does your current space fit those plans? If your space works for your business, a tenant rep can assist you in renegotiating your lease terms to market rates. If you think that you have grown out of your existing space, a tenant rep can assist you in finding a more suitable home for your business. The benefit of renewing is that staying in your current space is usually cheaper and easier for your business due to avoiding the interruptions caused by moving.

However, if your space does not facilitate your goals for the upcoming year, then it’s time to move! Working with your tenant representative, you will discuss space needs, pricing, location, and current market trends. They will then research available properties, present you with a comprehensive list for you to review, assist you in identifying good fits for your business and schedule times to tour your top options.

Commercial Realty Advisors has been serving the Piedmont Triad of North Carolina since 2006. With SIOR, CCIM, ACIP and LEED certifications, our highly trained brokers have built a reputation of trust and excellence.
Contact us today so we can help you with your tenant representation needs!