When does your lease expire? It is important to not only know this date but give yourself plenty of time BEFORE the date to research the market in order to make the best decision for you and your business. You will need to have a clear understanding of the current market, understand how your "option" compares to that current market rate (if you have an option to renew written into your lease contract) and of course knowing what else is available on the market.
If you have an option to renew, that date typically falls 4-6 months prior to the expiration of the lease. But don't assume, you need to check that date and make sure you have all the information you will need prior because that date is not negotiable, once it passes you have lost your option to renew.
Besides the rate there are a few other things that you may want to address during your lease renewal that can be beneficial to you. 1) Renegotiate your security deposit if a higher deposit was required initially and you have been a tenant in good standing 2) Negotiate a refurbishment allowance if you have been there for 10 or more years to "freshen" things up a bit. Both of these things are typically overlooked or missed altogether when the renewal process is underway. Why? Most tenants enter into the process alone and without representation but as you can see, having an expert on your side can actually save you money.
