1) Start Early: This Probably Means Now!
- Finding the right space for your company takes time.
- Be willing to start looking for and touring spaces 6-9 months before your current lease expires.
- Remember: Markets change; Lease Rates change; Lease incentives change; Construction costs change; Your company's needs change.
- Negotiations and prepartion of documents take time (thank you lawyers and lazy brokers).
- Tenant Improvements (work performed either by the landlord or by the tenant to improve the space) take time. If a contractor has a to pull permit, expect the work to take at least thirty to forty-five days.
I can't tell you the number of times I have been contacted with only two months before a tenant's lease expires.
The tenant invetiably needs more or less space. We end up scrambling around and dragging our butts all around town to try and find the right deal. Nine out of ten times, we find a space that works. However, finding a space that works and finding the right space at the right rate at the right time (all amounting to the right deal) are not the same.
When it comes to starting early, I ask that you heed the words of the great Dr. Samuel Johnson who said:
A very small part of the year is spent by choice; scarcely any thing is done when it is intended, or obtained when it is desired. Life is continually ravaged by invaders; one steals away an hour, and another a day; once conceals the robbery by hurrying us into business, another by lulling us with amusement; the depredation is continued through a thousand vicissitudes of tumult and tranquillity till, having lost all, we can lose no more.
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