Undeniably, the COVID-19 pandemic has drastically disrupted the commercial real estate landscape and our economy in general. The health and well-being of our families is obviously of paramount concern; equally, questions do exist on how to best position your business as our economy looks to recover from the COVID-19 pandemic. What follows are some tried-and-true tips for renewing your lease:
An experienced Tenant Broker can save you time and money too, serving as your agent and being bound by certain duties such as the duty of loyalty. Often times, a Tenant Broker’s services should be at no-cost to you, as most landlords will pay any leasing commissions earned by the Tenant Broker. Like any contractual relationship, it is important to do your research before hiring a Tenant Broker. By clicking this link, you can access the Colorado Department of Regulatory Agency’s real estate records for brokers, finding things that include but are not limited to the status of a company’s license, the status of an individual’s license, and whether any disciplinary action has been taken against the licensee.
It is important for you to remember that there are significant costs to a landlord in losing a good tenant too. For example, by losing a good tenant a landlord must: (a) find another good tenant, which may take months and will likely result in a loss of income that the landlord can never recover; (b) offer a higher tenant improvement allowance as a new tenant will often require certain changes to accommodate their use; and (c) pay a higher leasing commission with leasing commissions for new leases generally higher than leasing commissions for lease renewals.
Please contact Impact Commercial Real Estate, LLC for your free consultation as we would appreciate the opportunity to serve your business and deliver value in your lease renewal process.
Bart J. Connolly, Executive Vice President
Impact Commercial Real Estate, LLC
IMPACT Commercial Real Estate is a commercial real estate firm focused on making an impact on businesses and the community through creative, thoughtful and dynamic real estate services. IMPACT offers a full range of real estate services including, but not limited to, exclusive brokerage representation for Sellers, Buyers, Landlords and Tenants, broker price opinions, real estate consulting services and strategic property dispositions.