Across the nation, commercial property vacancies are skyrocketing in the wake of the work-from-home trend. So, what should you do if you own commercial real estate in New Hampshire?
A lease analysis can help you ensure your buildings are the most attractive option for those who are still looking for commercial leases. This exercise involves examining every detail of your leases to see how you can fine-tune your offering.
Read on to find out why every commercial landlord should go through this process regularly and what you can hope to discover when you analyze your leases.
Find Ways to Adapt and Grow
The New Hampshire economy is soaring right now. The state has the lowest unemployment rate in the country, bolstered by abundant economic opportunities and low taxes.
This is good news for commercial real estate landlords, as these positive economic trends can only drive demand for commercial buildings.
Staying updated on your area's fluctuating economic factors provides the background insights you need while conducting a rental lease analysis. This knowledge is key to planning a way forward for your commercial properties.
A lease analysis provides the finer details of how your property fits into the overall economic picture. It allows you to minimize risk while capitalizing on new opportunities.
A Commercial Lease Analysis Helps You Stay Current
As a lease agreement approaches its end, you should take time to check every clause thoroughly before drafting a renewal. The commercial real estate landscape evolves quickly, so some aspects of your lease may be invalid or outdated.
Read the fine print carefully. It will reveal conditions that impact your responsibilities and prices in the future.
Always consider the initial lease terms, like the lease termination clauses. Don't assume you can make the changes you desire.
You must know your leases inside and out before entering lease negotiations with a tenant.
Discover Hidden Opportunities
A commercial lease analysis involves more than just rental income calculations. It's an opportunity to explore previously undiscovered options.
Changing legislation, sustainability criteria, and market trends might present new opportunities to keep up with the times while benefiting your business. An effective lease analysis is a combination of intuition tempered by qualitative insights.
When you look past the obvious, you will find ways to upgrade your lease to suit you and your tenants.
Nurture Tenant Relationships
You must create strong relationships with your tenants to encourage lease renewals. A lease analysis helps you back up your decisions with facts.
This encourages room for transparent negotiations and clear communication. When your tenants feel they're being treated fairly, they're more likely to support your decisions.
Get Help Finding a Way Forward
Undertaking a commercial lease analysis helps you develop a strategic approach to lease renewals. It requires in-depth knowledge of local markets, your target market, and your existing leases.
PMI Granite State has the experience and expertise to help you identify areas for growth in line with your circumstances. We are backed by a franchise with over 20 years of experience, and our team is dedicated to helping each client reach their full potential.
Discover a way forward for your commercial leases today.
