Orthotown April 2018 - 59
continuing education
1. Create competition for your tenancy.
Negotiating a
lease renewal
Whether you are leasing a
commercial space in a strip mall,
office building or a stand-alone
building for a practice, you will
eventually have to face a lease
renewal negotiation with a landlord.
Starting with the end goal in mind
and planning far enough in advance
will make this process much easier.
Most landlords push for a rent
increase during a dental tenant's
lease renewal. Th is is normal and
something you should anticipate. The
landlord can also increase the rent
by any amount he or she chooses.
Much can transpire between when
you moved in and when you need
to negotiate a lease renewal in a
10-year lease term. Negotiating a
lease renewal is not an overnight
process! This can take some time
and involves a number of items
to consider.
Negotiate on multiple locations simultaneously-especially
with lease renewals. Even if you don't want to move or cannot
justify a relocation, you don't have to let your landlord know
that and hand over your renewal on a silver platter. Create
options and play one landlord against another. Let each
landlord know you are receiving other proposals. In addition
to making your landlord re-earn your tenancy, these efforts
will help you understand the current market conditions.
Additionally, this often creates a bidding war between
landlords, with you winning in the end!
2. Start the planning and site selection
process well in advance.
Existing tenants should begin planning 12-15 months
in advance. This allows ample time for negotiating,
completing paperwork, searching for alternate sites (if
necessary) and accounting for Murphy's law.
3. Avoid automatically exercising options.
Even if you have a renewal option, you may not want
to exercise it-especially if the renewal term's rental rate
automatically increases or can't decrease. If you're certain
that your landlord wants you to stay and market rates (the
going rate in the neighborhood) have softened, you may want
to negotiate the renewal from scratch. In addition, if you exercise a renewal option, this will prevent you from negotiating
on other terms of the lease other than the rental rate, such as
tenant allowances, free rent, removal of personal guaranties and
further renewal rights. Starting the negotiations at least three
months before your deadline to exercise your option will allow
you to use your option as a safety net in the event that you believe
that your landlord may not want to retain your tenancy.
DISCLOSURE:
The authors declare that they are paid as consultants or lecturers to health care
professionals or commercial entities, representing approximately 75 clients per year.
orthotown.com \\ APRIL 2018
59
http://www.orthotown.com
Table of Contents for the Digital Edition of Orthotown April 2018
Orthotown April 2018 - Intro
Orthotown April 2018 - Cover1
Orthotown April 2018 - Cover2
Orthotown April 2018 - 1
Orthotown April 2018 - 2
Orthotown April 2018 - 3
Orthotown April 2018 - 4
Orthotown April 2018 - 5
Orthotown April 2018 - 6
Orthotown April 2018 - 7
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Orthotown April 2018 - Cover3
Orthotown April 2018 - Cover4
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