There is a lot to consider when deciding the right time to start looking for new space. Some of the issues that might affect the time it could take to find new space will be; market conditions, type of space you need, is this a relocation or additional space, just to name a few. When you think you might need new space it is best to call and engage a real estate broker that specializes in the type of space you need. If you need industrial/warehouse space call an industrial broker, if office space, call an office broker. The specialist will know nuances about the market that will save you money and time. In general, the process takes longer than most would think it might. In an average market under average circumstances, it is good to start between 6 to 9 months prior to the date you would need to move into the new space.
Tenants often find themselves pressed for time because they don’t realize the time that it takes to relocate or renew a lease. Commercial properties often need customization for the space. This could range from building out offices in an industrial space to adding fiberoptic cable to an existing office. Scheduling these things can take time that may not be available if you wait too long to start the process.
The lease renewal or extension process can also be time consuming and detailed. Using a commercial real estate broker to help guide you through the renewal process is beneficial for any tenant. The broker will advise on any rent increases, extension terms, and help to determine if staying in your space is the best option for your business based on current market and industry knowledge.
