There several reasons that might lead you to consider renewing your office lease.
Below is a compiled list of reasons that might influence you to take this approach
1. It’s easier and cheaper to renew an office lease.
For many business owners, the most demanding reason that might make one to renew their office lease is that moving is challenging and indeed a hectic exercise. All the activities that are involved in moving to another office pose a challenge that as a business owner, you would not want to consider. You can direct the time you save from moving to other profitable areas of your business where the effort will be valuable.
On the other hand, staying in your previous office space could mean an important cost-saving than moving into a new office space. Think about the amount of money and time it will cost you to move out of the office space you are into elsewhere. Hiring movers and paying the upfront costs of moving into a new office space are all essential things to put in mind. Renewing your office lease for more than two years might offer you the chance to save money by avoiding the expenses involved in moving out. Even if rent is rising for your current office space, the cost of moving elsewhere is always more than the rent increment.
2. You lack enough savings to move
Moving from your current office space to elsewhere can be costly Put in mind that you will hire movers, you will have to pay for wiring of the new office space, changing the details of your letterhead to reflect your address for your new location, purchasing new furniture and many more activities involved. Even if you find the office space that could save $50 on your next lease, it might not make a positive impact financially considering the fact that you will have to incur more costs to move into the new space.
3. You are already in the ideal office space.
Why move out of your current office space when the location is perfect? If you love the office space and location and your employees also love the space, there is no need to move. If all your business activities are going on well and everyone is happy, then renew your lease.
4. You are wanted
If your landlord wants you to stay in your current office and that you are all in good terms, then you should consider renewing your lease. Circumstances that might compel you not to renew your lease is when your landlord becomes a thorn in a wound. But if you are in good terms then no need to move.
Landlords and house managers appreciate tenants who take their rent responsibilities and pay in time. They are likely to agree on terms so that they retain you in your office space. Therefore renew your office lease to continue enjoying working in your office space.
Considering the cost incurred and time spent when moving to a new space, it is good to renew your office lease so that you channel the money and time to other productive projects within your business.