Tens of thousands of businesses can significantly reduce their office rents right now. This is not a government program, so please don’t call them. To be eligible, you have to be:
1. A tenant in good standing
3. Have a lease that terminates in the next two to three years
4. Be willing to take advantage of a tenant’s market to trim overhead
Since landlords are under pressure to keep their buildings filled with quality tenants, it is possible to approach the landlord, and in exchange for extending your lease, you may be able to obtain lower rent, a rent concession, work space improvements, better lease clauses, a new tax base and more.
How? Convince the landlord you are serious about leaving.
Nothing says “I really can move to another building” more effectively than retaining a tenant representative who knows how to take advantage of current market conditions. A tenant rep will analyze your existing lease, while lining up competitive space offers in other buildings. This positions you and your tenant rep to approach your present landlord with negotiating leverage. When your landlord realizes you and your tenant rep have done your homework, and sees the competing offers, chances are, they’ll be quick to make you an offer you can’t refuse.