What happens at the end of a commercial lease?
The end of your commercial lease is on the horizon. What do you do? Don’t panic, for starters; we’re here for you! But you do have a few important decisions to make.
The end of your lease is actually a great opportunity for you to evaluate your current situation and assess whether your space offers everything your business needs. It’s good to start thinking about your end of lease options well in advance to make sure you have plenty of time to plan and an opportunity to inform your current landlord of your business’ intentions.
You have two options at the end of your commercial lease. You can choose to either extend or end your lease agreement. The ball is in your court when it comes to making this decision, but we encourage you to take the time to consider the suitability of your space as it stands.
End of lease options
If your commercial space is working for you, then great! You can avoid the faff and cost of relocating to a new space. Moving office isn’t a cheap or easy process, so it’s only worth doing if necessary.
If your current space isn’t quite right but the issues you face aren’t worth moving office for, it could be worth renewing your lease and refurbishing your space instead. Rather than paying for the cost of relocating, you can actually invest this money back into your current space with a bespoke refurbishment, tailored to suit you and your team.
If you’ve outgrown your commercial interior, you don’t feel as though you are placed in the right location, or you’re experiencing any other issues that are beyond something that a refurbishment can improve, then moving to a different office space could be your best option. Although it can be a costly and time-consuming exercise, the benefits of being in a space that works for your business will far outweigh any time and cost commitments!
If you do choose to terminate your lease and vacate the property, make sure you check the terms of your agreement and see if dilapidations need to be carried out in order to return the property to the condition it was in at the commencement of your lease.
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