Now is a good time for commercial property tenants to renegotiate rent and other lease terms, claims Chris Dawson, commercial lease specialist at Colliers’ Bristol office.
He said: “When a property lease is approaching its expiry the capital value of the investment diminishes due to uncertainty over the projected income stream. For this reason we advise our clients to begin the lease renewal process 18–36 months prior to the lease expiry, as landlords are often willing to negotiate more favourable lease terms re-expiry to at least ensure they have a deal in place at the end of it.
"The longer a period the tenant is prepared to commit to at lease renewal the more opportunity he has to pick from the menu of options, and both parties can tie up a renewal to their mutual satisfaction.”
