What is a lease renewal service? And do i need one? Your questions answered.
For many businesses, lease renewal can be a stressful and confusing time. For others, it may be an afterthought or something they manage “off the side of the desk” while simultaneously trying to manage their core business.
The fact is that your commercial real estate is likely to be one of your biggest cost drivers, as well as being a critical part of your operations, supply chain and logistics activities. Your lease renewal negotiation should be seen as an opportunity, both to manage financial costs and to achieve operational efficiencies, so it is important to give it due care and attention.
What is a lease renewal service?
Your lease renewal service provider will give you end-to-end support, from assessing the market, to planning your strategy, to managing negotiations on your behalf.
As your lease renewal partner, TMX will typically help by…
Defining your value
We can strengthen your bargaining power by defining the value of your tenancy to your landlord, and quantifying to the landlord the opportunity cost of losing your tenancy.
Providing market knowledge
Knowledge is power. TMX brings in-depth knowledge of commercial real estate markets. We use a number of methodologies (both formal and informal) to benchmark the most favourable commercial terms in the marketplace, allowing you to sleep at night with confidence that you are achieving the most competitive solution.
We have access to all the landlords in the marketplace and understand how motivated they are to do a deal, which can be driven by countless factors that change rapidly.
Managing negotiations is our bread and butter. From documentation and administration, to decoding legal jargon, and holding those difficult conversations, TMX’s Commercial Property team can assist you at all stages of the process.
Advocacy and representation
When appropriate, we can aggressively push for the best renewal outcome for your business. We can keep you at arm’s-length from the negotiation, helping to prevent any ill-feeling between you and your landlord.
We also save you valuable time, so you can concentrate on your core business with the confidence that the best outcome will be achieved.
How does a lease renewal service add value to my business?
Lease renewal can present an opportunity to negotiate greater value for your business. Examples of additional value that TMX has negotiated for tenants include:
- Negotiating base building upgrades which will lower operating costs. This may include energy savings measures and refreshed internal fittings
- Cosmetic upgrades
- Improved make good obligations into the future.
What should i look for in a service provider?
Remember that the commercial real estate agents represent landlords. Their job is extract maximum value from you, the tenant, for their clients, the landlords. Whilst some of commercial real estate agencies may offer corporate solutions teams, they can never be fully independent. TMX is different. We’re fiercely independent. Our only obligation is to represent our clients and rigorously push for the best renewal outcome for your business.
A holistic view
At TMX, we understand the role of your commercial property in the wider business context. Our team has expertise across a gamut of business and operational functions including supply chain management, project management, logistics, automation and warehousing. We understand that your commercial real estate doesn’t exist in a vacuum; it is intimately enmeshed with your operational activities. We pull these broad requirements together, ensuring the best possible outcome for your business.