Lease renewals are the most common transaction in commercial real estate.
More healthcare tenants find themselves being taken advantage of by their landlord during renewals, than in any other transaction, as many landlord’s definition of a “market lease rate” is whatever the most is they can get a tenant to pay.
Additionally, the majority of landlords negotiate professionally for a living and often with the assistance of professional real estate brokers and listing agents.
Losing money during a commercial lease renewal negotiation can dramatically reduce your profitability, considering that real estate is typically a practice’s 2nd highest expense behind payroll.
With this much at stake, hiring professional representation to protect your interests is paramount. We have the medical office leasing expertise you need to get a fair deal.
There are three things you should clearly understand during a lease renewal:
- You have the right to professional representation
- You should have a defined strategy before entering negotiations
- The same concessions available on a new lease can also be obtained during a lease renewal
Commercial landlords are in business to maximize the value of their properties. Their goal is to charge the highest lease rates while giving the lowest amount of concessions.
At CARR, we level the playing field during lease renewal negotiations and ensure our clients receive the best lease rates possible along with the most concessions available.
There are three ways landlords often treat existing tenants worse than new tenants:
- They attempt to charge higher lease rates
- They offer fewer concessions
- They tell tenants not to hire representation
Their approach is intended to give them a distinct advantage over the tenant during negotiations.
The most successful companies in the world engage professional representation on their behalf and so should you.
Refuse to be taken advantage of by hiring an advocate that will ensure you are protected and help you capitalize on your next commercial lease negotiation.
- Hire an expert real estate broker
- Perform a detailed lease analysis
- Compare your current lease terms to the market
- Identify the top viable options in your area
- Evaluate purchase vs. lease scenarios
- Customize a strategy based on your objectives
- Capitalize through skilled negotiating
- Allow your team to execute on your behalf to protect your interests