Should I Stay or Should I Go?
No doubt The Clash was the original but shout out to Big Audio Dynamite for sampling it well. Okay, okay. So here’s the thing. If you were buying a new car would you go to the lot ask the dealer how much it is and say okay I’ll take it? Probably not. Why? because you would want to make sure you aren’t overpaying. You’d definitely go online and see where you can find it for the least amount of money. And the market is always changing. But in real estate you need an expert because different motivations from different landlords means similar product can be priced differently. What’s the right price for a space? Where is comparable space priced and what are comparable buildings priced at? What’s the right percentage of annual escalations? what are your rights to sublease? And oh by the way it’s a big commitment so every dollar different in base rent or 50 basis points difference in escalations adds up to real money, but I digress.
Regardless of whether you are happy in your building and space or not, you owe it to yourself and your business to make sure you are getting a fair deal. And the only way to do that is to work with an expert to help educate you about the market . The information you gather will empower you and offer you leverage for your next lease conversation. And an expert adviser will also help you think of all the unexpected things that could happen to your business in the future and how to put protections in place in the lease for all of those unlikely events.
So either way you answer, “Should I Stay or Should I Go”, we should speak.