Navigating the end of a commercial lease can be as strategic as running your business.
Getting it wrong can have significant cost implications, in terms of money, time, disruption and stress. Getting it right can have a huge strategic impact, improve productivity and unlock business growth.
Here, we’ve outlined five critical steps to manage your commercial lease end effectively:
1 Plan well ahead
The end of your lease might seem distant, but preparing early is key
- Start planning at least 12 – 24 months in advance
- Make sure you allow ample time to notify your landlord on lease renewal or termination intentions
2 Consider your repair obligations – be prepared
Your lease agreement may include a full repair and insurance clause
- Check your lease – if it has full repairing and insurance clauses, you’ll be responsible to return the property in good condition
- Your landlord may get a schedule of dilapidations – be prepared
- Address any minor repairs or outstanding maintenance issues to pre-empt issues and reduce the risk of significant dilapidations
3 Stay or move decision – think strategically
Deciding whether to stay or relate is pivotal, so think strategically
- Staying where you are can reduce costs, disruption, and distraction
- It may be possible to reconfigure your space to create a more modern, open plan environment
- Sometimes lacking premises holds a business back and you have to move, if:
- The location is wrong – not near to employees or customers, or if overall transport links are not good
- There are fundamental issues with building means you can’t reconfigure it
- You’re growing rapidly and you need more space
- You have parking limitations
4 Start your search for a new property early
If moving is your better option
- Begin your search early to accommodate potential legal delays
- This ensure you don’t find yourself in a tight situation when your current lease ends
5 Optimise your new space
Plan ahead to maximise your new space
- Expert planning is essential to get the best out of a space
- It pays to get it right while you’re making an investment – think ahead and consider future needs – you don’t want to have to reconfigure regularly
How can we help?
At Accolade Workspace, we specialise in helping businesses like yours navigate these transitions smoothly. We offer expert workspace design and planning, and feasibility studies tailored to your needs.
Contact us today to discuss how we can assist you in planning ahead and optimising your new space.
Tel: +44(0)1785 228877
Email: sales@accoladeci.com
