KBF Real Estate Services, Inc.
Asking a landlord to re-negotiate the terms of a lease agreement is always possible. While no one can know for certain whether a landlord will agree to change the terms of a lease, it is tempting to underestimate the possibilities.
Often times a landlord will be in favor of a lease extension long before a lease expiration date. Most landlords appreciate the value of a tenant remaining in their space vs. having to search for and complete a transaction with a new tenant.
When taking into consideration the cost of a vacancy (real estate taxes, CAM and mortgage expense) coupled with potential renovations, improvements and other expenses for a new tenant... most landlords recognize a new lease with a new tenant is often significantly more costly than retaining an existing tenant.
For example, not long ago we assisted a 50,000 sq. ft. tenant with a renewal when they had approximately three years left on their lease. The process took a little more than a year, though the tenant was very happy with the results. Along with achieving a reduction in the size of their space by 50%, the landlord spent a significant amount of money on renovation and reconfiguration of the space.