When you reach the end of your Tennessee commercial lease term, you may want to take a moment to reevaluate the lease and make sure it still meets the needs of you and your business. If it does not, you have two options. The first is to search for an alternative commercial rental elsewhere. The second is to use this time to renegotiate a lease with your current landlord so that it better meets your needs.
There are certain steps to take during lease negotiations that may help you wind up with a more favorable commercial lease agreement. When negotiating your lease renewal, consider doing the following.
Show your knowledge of the market
The more you position yourself as a knowledgeable, well-informed tenant, the lower the chances of your landlord trying to take advantage of you. By letting your landlord know that you are aware of alternative options that exist for you, you may make him or her more inclined to negotiate.
Recognize what your landlord stands to lose
It is often advantageous to your landlord to keep you in your current spot. Why? Finding a new tenant takes time, and during that time, the commercial space may remain vacant. Understanding what your landlord stands to lose by losing you as a tenant may give you more bargaining power.
Consider what else the space needs
If you like your existing commercial space but feel as if it could do more to meet your needs, present your ideas to your landlord before making the decision to renew the lease.
You typically stand a better chance of negotiating a favorable commercial lease renewal if you start the process early.