The expiration of your lease can offer you an opportunity to transform your business by relocating, or it may be the catalyst for reconfiguring your existing space to better position your business for the future. So should you stay or should you go?
WHAT ARE MY OPTIONS?
Examine all your options carefully. Do you stay in your current location or relocate? At first, relocating may seem like more trouble than it’s worth, but don’t rule it out right away. Often the status quo isn’t the best financial alternative. Think about what you want to achieve and then decide if your existing location supports that objective.
WHY SHOULD I RELOCATE?
If your current space is—or will become–too small, too large, outdated, or poorly configured, a new facility can be an opportunity to increase your labor pool, strengthen productivity, streamline operations, increase workforce morale, or reduce transportation costs. Additionally, market conditions or municipal business development incentives may support the business case for relocation.
If your existing space satisfies your current and long-term business needs, but you are approaching the end of your lease, consider renewing. Many times renewing your lease is the best decision for your company. If you hire a real estate advisor with the proper industry knowledge and experience, he/she can help you negotiate your lease renewal and leverage landlord concessions that will help you accomplish your long-term business goals.
Colliers’ professionals have a long track record serving clients in multiple business sectors, so we understand your business needs and help you weigh these factors strategically.I am happy to sit down with you and map out the most important financial and personal factors in your decision to renew in place or relocate.