Absolutely. Even if a business wishes to remain in its current space thorough due diligence should be conducted to confirm vacancies, terms and concessions available elsewhere. This information can then be used to negotiate the most favorable terms possible at the current location.

In short, a lease renegotiation should be treated as a new lease, where every term and condition is addressed and negotiated, and the process started no later than 6 to 9 months prior to the lease expiration date. Tips: Don’t’ wait for the landlord or property manager to contact you about exercising a renewal option or extending a lease. And never disclose your businesses’ circumstances or other buildings you may be looking at to the property manager, listing agent(s) or landlord.