asked 2012-01-24 12:27:35 -0500
I used a broker when we leased our space 3 years ago. The renewal is coming up in July. Is it worth hiring a broker to renegotiate the renewal or can we just do it on our own?
answered 2012-01-24 16:04:52 -0500
Kelly, it is absolutely worth using a tenant broker. A tenant broker has the advantage of knowing what transactions have recently occurred in similar spaces within that market. As a tenant, this gives you the advantage of knowing what other landlords are doing and helps you negotiate the best possible deal. It is possible that other landlords are willing to negotiate free rent, concessions, rate, tenant improvement allowance, expansion/contraction/cancellation clauses, and the list goes on. The landlord will face extensive costs if he loses you as a tenant, including full commissions, possible expansive tenant up fit, vacancy, marketing costs, etc. We have found that tenants who negotiate on their own tend to end up with more pro-landlord lease documents and and less savings on the bottom line.
Further, as the process can take time, now is a good time to start.
Hope that helps! Please feel free to give us a call to talk further.
Rich Commercial Realty/KW Commercial 919-792-1203
 | Register for Email Alerts |
 | |
 | Follow @askCRE |
 | RSS Feed |
Asked: 2012-01-24 12:27:35 -0500
Seen: 98 times
Last updated: Jan 24 '12
