Lease Renewal Consulting - Help is Available
Is your lease coming up for renewal and you're not sure what to do – renew where you are, or move?
In order to make an informed and economical decision, you should consider retaining the services of a REALTOR® who specializes in commercial properties to advise you on:
- What are current rents and how do they compare with what your landlord is asking?
- How do the operating costs / taxes in the building you're in compare to other properties? (These costs can range from $6 per square foot to $12 per square foot in the downtown Victoria core alone);
- What inducements are landlords offering? Is it cost effective to downsize or relocate?
- Parking – what are the costs to the company and staff?
- Where would your staff like to be – Saanich / suburban or downtown core?
- Where does your business have to be? Do you need to be close to the banking district or close to where there is ample parking?
Typically, at the time of lease renewals the landlord has retained the professional services of his or her property management company or REALTOR® to give advice on current market conditions and what can be expected. You, as a tenant, are entitled to your own representation and can employ the services of a REALTOR® as your agent to advise you.
Why not retain the services of a REALTOR® who specializes in commercial properties to assess the market and advise you? Many REALTORS® specializing in commercial real estate offer this consulting service at reasonable fees.
This information about buying and selling real estate in Victoria British Columbia is
provided by the Victoria Real Estate Board for the information and benefit of consumers.
