Lease renewals are one of the most profitable leasing transactions for landlords. As most tenants look to renew their lease to avoid the disruption associated with a relocation and as landlords perceive existing tenants as a “captive audience”, I’ve outlined below 10 steps for tenants to employ so as not to leave money on the table based upon my 20+ years representing office tenants in Chicago and throughout the country.
Category: Options, Rights, and Renewals
Structuring a tenant’s Right of First Offer to lease additional space
If you have a right of first offer (″ROFO″) on certain space, then…
Right of First Refusal…a tenant’s checklist.
A right of first refusal (″ROFR″) gives you the right to lease additional space on…
Negotiating Expansion Options for Maximum Flexibility
An expansion option is a tenant’s fixed right (but not obligation) to expand…
The Option to Extend: Leverage in a Soft Market, Protection in a Tight Market
When market conditions are soft and favor tenants, an extension option in…
Pre-Move-in Expansion and Contraction Rights
Anchor tenants and other large office users will start the lease planning process well…
Negotiating a contraction option? Here are some details to consider.
A contraction option is a fixed right in your lease to reduce the…
Your termination option, how good is it?
An office lease is a long term commitment, but the real estate…