Rather than simply signing your lease at renewal time without a second thought, have you considered taking a look and reviewing it?
If you decide to review your lease, consider your needs and the needs of your business. If you think you could find something elsewhere, consider negotiating with your current contract holder instead.
Knowing the market
Forbes talks about renewing commercial leases. While most people simply do a quick review of their lease and then sign it again once it is time to renew, what a person should do in reality is take a look at their terms and decide if the lease actually serves their best interest.
Then, it is time to start the negotiations. But how can you do that in the most effective way that will get you the highest chance of working terms out in your favor?
First, know the market. Understand what the market looks like around you regarding commercial real estate. Not only does this show your landlord that you are well-informed, but it also gives you backup options if your landlord refuses to work with you.
Know what you offer
Next, know what your landlord might lose. If you have served as a good tenant and always paid rent on time, it may be more trouble to lose you than negotiate a new lease. After all, if you leave, they may have to deal with an empty lot or re-doing the property to fit a new tenant.
Negotiate early
Finally, start the negotiation process months in advance. Not only does it give you time to negotiate on your most important matters, but it lets you find alternatives just in case.
