Renewing a Lease in Advance
Published on Saturday, 7 September 2013 14:40:56
Written by Marc
When in charge of lease management within a large company or organization, it is only a question of time before someone from a division, department or group comes to you and asks if they could or should renew a lease ahead of time; meaning well before the agreed renewal date. I have been in this situation on many occasions where for example the head of a department or business unit would ask me if there would be some benefit for the company to renew and extend our lease ahead of schedule. The idea of course was usually to find savings. However, sometimes it was also to guarantee a strategic advantage over the Landlord by making sure we would be able to extend our lease under favorable conditions. It is never wise to wait until the end of a lease to negotiate!
Therefore, over time, I found there were three main benefits for the tenant to renew a lease well before the due date:

- To save money somehow
- To insure that we keep our space
- To add or remove something in the lease now