Typically there has to be some compelling reasons for a company to undergo the effort to relocate their office. In fact, renewing an office lease and staying put is often the best decision for many companies. In fact, approximately 70% of the time office tenants renew their office leases. Assuming renewal is a viable option, the decision to extend your lease should only be made after a careful evaluation of your space needs, coupled with a thorough market evaluation and formulation of an effective negotiation strategy.
However, the expiration of your lease could offer you an opportunity transform your business and create new efficiencies by relocating.
- Business needs: If your current space is too small, too large, or inflexible relative to the way your organization works, a new office can energize your organization and act as a springboard for improved productivity and operational cost savings. Many times that reason is that market conditions may create cost benefits supporting the business case for relocation.
- Brand Value Enhancement: The quality of your building and tenant improvements in your office space speak volumes about your organization. A renovated office space or new building can strengthen your employees’ perception of your core values and elevate your brand in the minds of customers and other stakeholders.
- Employee Satisfaction and Retention: By repositioning your business and employees in an improved work space, you will realize increased staff morale and productivity. Market research shows that even subtle changes in the work environment have created substantial gains in productivity, resulting in improved bottom-line financial performance.
Leasing office space is a complex process and significant financial commitment. Achieving the best economic terms is always a primary objective. However there are also significant benefits to focusing on the relationship of real estate to the overall business strategy and its impact on your workplace.
Learn more about our Tenant Representation Services