When should I start looking for a new space?
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 in the new space.
Tenants often find themselves pressed for time because they do not realize the amount of time it takes to relocate or renew a lease. Regardless of whether you extend your current lease or choose to relocate, it’s always important to prepare in advance so that you have adequate time and a strong position to negotiate with landlords.
If extending your current lease is an option it is important to know if you have an option to renew