DID YOU KNOW…
…the average business relocation time is nine months?
Last week I received a call from a business owner saying they were looking for office space to lease. I said “Great! I can help you with that. When do you need to move?” He said by the end of the month. His landlord leased his space to another tenant. Yikes! Not only is this near impossible but it puts the business owner in a poor negotiating position because his inability to plan is not the landlord’s problem.
There are many things to considering when planning relocation, below are some priorities.
- Notification Requirements – The first item should be to review your existing lease for notification requirements. Your existing landlord may require as much as a one year notice of your lease renewal or cancellation. If you do not notify your landlord, he may assume you are moving and will start marketing your space for lease. Once you’ve determined this, you can then plan for your relocation.
- Space Requirements – Another important preparation would be to determine your space requirements, both current and future. This will allow you to plan for additional space for the success and growth of your business.
- Research – Other things to consider is the time it takes to research locations, analyze proposals, negotiate leases and tenant improvements to name a few. With some preplanning and scheduling, you can ensure that your move is a well-timed and cost effective transaction.
If you would like more information about planning a move for your business, contact me for a free relocation checklist.
Martha L. Graham
Massaro Properties LLC
412-963-2800, Ext. 236
Article by Martha Graham, Associate Broker, Massaro Properties, LLC