What to Consider and When
“It is a simple task to make things complex, but a complex task to make them simple.” -Meyers Law
At least a year and perhaps up to two years for larger companies, prior to Lease expiry, a Tenant should start to establish its options. It doesn't cost anything to start too early but starting too late can cost you money!
Industry experts agree that most Tenants underestimate the time required to optimize results of either a Lease for a new location or a Lease renewal. It’s true that in many cases, a suitable property can be located, toured and a financial analysis prepared within a few weeks with the help of professionals.
That said there are many advantages to starting early and many disadvantages to starting late. There's a lot of variables that will come into consideration including clauses in your lease that relate to any renewal options you may have. It's a good thing to get professional advice about when you should start in order to maximize negotiating leverage and not waste your time.
I will be dealing with many of these issues and in general rules of thumb later in the guide.