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You’ve lived long enough to know that life rarely operates on our desired timelines.
This unpredictability affects everything, from our personal lives to our businesses. Timing becomes especially important when it comes to leases and office relocation. What do you do if you need to move in the middle of your lease? Is it even possible? Individual situations will vary, but in most cases, it is possible to relocate — even in the middle of your lease.
First, assess your position. Your first step should be to reread your lease, focusing on the lease provisions. These will determine whether or not moving during your lease is a viable option.
If there are no restrictions that would prevent you, consider a sublease. A sublease allows you to essentially find someone to fill your space. They pay you, and you pass that payment on to your landlord. There’s one thing to remember when creating your sublease: If your lease has a termination option, make sure you clearly outline the notice dates and transaction timeline.
Even if your contract doesn’t allow you to sublease, you may still be able to move, depending on market conditions.
If the current office market and submarket is favorable for your landlord, he or she may let you out of your lease early. Just make sure to do your research before you approach them.
Michael Staskiewicz, CCIM, Managing Principal of Effective Realty Advisors and a team of strategic partners, help financial decision makers of mid-size companies perfectly align their real estate with their business needs, so that they increase profits and improve operational and financial performance.
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