The KNOG

Leveling the Playing Field: Why a tenant should be represented when renewing a lease.

Apr 30, 2018 12:50:00 PM / by Lew Cowan

12819404_10208752402278042_336926846830309952_o(1)For tenants, renewing your current space or relocating within your building is often a better solution than moving. By remaining, you don't change commuting patterns, eating haunts or local neighborhood services, etc. Unfortunately, landlords have a name for tenants who negotiate their own renewal: "captured" tenants. This implies that they are virtually guaranteed to pay more for their space than a new tenant moving in. 

Landlords know exactly what it would cost for a tenant to move and the natural resistance for tenants to make such a move. With these assumptions firmly implanted in their heads, landlords will extract the highest rent possible from you. Our job, at G.E. Grace, is to dislodge those notions.  

 

We "level the playing field" by developing viable, competitive alternatives. Just by working with a representative, a tenant communicates to the landlord that it is seriously considering all the alternatives in the building and elsewhere. Once there is a viable alternative deal on the table, the tenor of the negotiations change. The tenant knows that they have a choice and, more importantly, so does the landlord.  This holds true even if the tenant has no intention of leaving the building—but they have to act as if one foot is out the door.    

  

Just like a landlord knows how much it costs a tenant to relocate we know how much more it costs for a landlord to replace a tenant; "game even". 

 

Renewing may be the path of least resistance but it's the time you need the most assistance.

When it's time to renew who is helping YOU?

Call us or...

 

Contact us

 

Topics: Commercial Office Space, Real Estate Lease, New York City, Office Space Rental, Office Work Space, New York office space

Lew Cowan

Written by Lew Cowan

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