Renewing or Ending Your Office Space Lease: Making the Right Choice
With the lease of your office space coming to an end, it is time for you to decide whether or not you will continue it. If possible, you have to decide at least three months before the lease ends. As such, you will still have enough time to look for a new office to lease. You are also giving the landlord the chance to find someone to replace you when you decide to leave. Making a choice between renewing or ending the lease could be challenging though. Remember these ideas as you finalise your decision.
Expansion of business
Look at the status of your business now. Are you trying to expand? Did you increase the number of employees? You need to consider finding a new office space if you cannot fit in the same place anymore, and there are other offices spaces where you could better conduct your transactions. However, if you wish to maintain the same operation level that you have now, leaving might not be the best choice.
Financial stability
You also need to check the capacity of the business to pay for this significant move. When you decide to move all your employees along with the equipment in your current office space, it could be quite expensive. However, if your business could pay for it and you think it would be cost-effective, you can choose to move; otherwise, you might have to extend your current lease for a bit longer.
Location
If you are considering moving, you need to look around for different options. There might be areas that are more accessible than your current office space. You want to make it easier for your employees to go to work, along with the customers who have transactions with you.
Contract details
The good thing about renewing an existing lease contract is that you could negotiate the terms to make them favourable to you. For instance, you can renegotiate the price since you have rented the place for several years anyway. You can also request maintenance services. You could even negotiate the length of the contract so that if you decide to leave soon, you do not get bound to the new agreement. If your current landlord agrees to your new demands, it might be best to stay. You can try a few times to renegotiate the details before you consider your final decision.
Weigh all the benefits of staying before you think about leaving. If you are sure that it is best to leave, you can hire end of tenancy cleaning London experts, so you can leave the place in pristine condition. It is also a way of showing how grateful you are to the landlord for giving your business a chance to thrive there. However, if you decide to stay, it is a good idea for you to maintain a cordial relationship so that if you have issues in the future, you could quickly resolve them by communicating well with your landlord.
