When is the right time to start planning for a commercial lease expiry?
When it comes to a commercial lease expiry, the earlier you start planning for it, the better. It’s a huge part of the business life cycle and it’s never too soon to start thinking about it!
Whether you choose to renew your lease, or end it, some careful planning needs to go into the process, and whatever your decision is, it’s recommended that you start planning for your commercial lease expiry around 24 months in advance.
You can never be too prepared when it comes to a big business decision like this!
Considerations prior to a commercial lease expiry
If you choose to terminate your lease when it comes to its end, you’ll need to find a new space to move your business into. It takes time to find a suitable office space for your company to relocate to, so it’s important that you start planning well in advance of the event.
To help you with your search, our office space calculator can give you an idea of the square footage you should be aiming for with your new premises.
Giving notice to your landlord
Your lease agreement may require you to give notice of your lease termination, so make sure you know the specific details of the agreement you made to avoid any complications further down the line.
On the other hand, you’ll need to give notice to your landlord if you choose to renew or extend your commercial lease, so they don’t start advertising the space to new tenants.
Again, check your agreement to see if there’s a deadline for notifying your landlord, but it’s recommended that you give notice of your decision between 6-12 months prior to the lease expiry date.
Take a look at our guide for a summary of the options available to you when you’re approaching your commercial lease expiry date.
Planning well in advance will help you to be prepared for the looming lease expiry, which will ensure you’re able to transition your business onto its next steps with minimal disruptions.
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