Choyce Peterson lease renewal service provides clients with several strategic advantages: The power of a “represented” tenant. Experienced landlords know that tenants negotiating with the assistance of a broker present a higher risk of relocation to another building. Similarly, tenants negotiating without a real estate professional on the team renew over 80% of the time. Landlords logically assume that “un-represented” tenants are not seriously evaluating other alternatives, so these tenants don’t receive the full spectrum of concessions available in the market. The mere fact that a client has retained Choyce Peterson for a strategic evaluation of alternatives elicits more competitive proposals from the renewing landlord.

What’s your renewal worth to your landlord? It’s worth more than many clients think. Renewing an existing tenant saves the landlord the expense of finding a new tenant for the space (the cost of advertising, vacancy, tenant improvements, etc.). By quantifying these savings to the landlord, Choyce Peterson delivers increased negotiating leverage, and a better deal.

Getting behind the numbers. Better information is the key to better negotiating. This includes intelligence such as tenants seeking to sublet, lease expiration dates with size of related space, and pending relocations. By gathering market data and building-specific information, Choyce Peterson provides a true picture of the landlord’s position and the opportunity for negotiation, then develops the best strategies to bring for your business.

Securing new space creates the single greatest opportunity for a tenant to obtain a lease tailored to current and future business plans, whether it’s the relocation of an existing office or establishment of a new office.

The surest route to capitalizing on this opportunity is an orchestrated, arms-length negotiation through a single representative.

As your representative, Choyce Peterson provides plausible alternatives, simultaneous negotiations and an in-depth knowledge of the perceptions and realities of the market.

Choyce Peterson extracts maximum value from new space negotiations by utilizing:

• ‍Current knowledge of market forces at work including regional and national trends, comparable space, landlord profile, recent concessions and more.
• ‍Simultaneous negotiations to maximize landlord vs. landlord competition.
• ‍Extensive experience identifying and obtaining favorable lease terms regarding free rent, above-standard improvements, moving expenses, renewal, cancellation and expansion options, base rent, tax, operating and utility escalations, subleasing and assignment clauses.
• ‍Financial analysis comparing alternate sites, tailored to specific client criteria.
• Better Information leads to better real estate decisions.

A tenant's need to expand, whether or not the lease includes expansion options creates the most difficult time to negotiate future lease terms.

Landlords reacting to a tenant's expansion requirement will use a common tactic of leveraging the "handcuffs" of that tenant's existing lease liability, which adds prohibitively high costs to the relocation.

This tactic strengthens the landlord's negotiating position and achieves more favorable terms and conditions than the landlord might otherwise obtain.

To counter this market dynamic, the tenant must evaluate certain factors before contacting the landlord when initially setting the strategy for expansion negotiations. These factors include rates, term, existing options, percent increase in size, and tenant improvements.

Tenants who need to expand should also evaluate their tolerance for the following options:

• ‍Take no action until the lease expires.
• ‍Lease nearby expansion space in a different building and use as a satellite facility.
• ‍Relocate to larger quarters in a different building and market existing space for sublease.
• ‍Lease additional space without extending the term.
• Lease additional space or relocate within the building under the landlord's terms (usually with a lease extension.

Premature discussions with the landlord imply that the only viable options being considered are taking no action or leasing additional space under the landlord's terms. Again, securing the services of Choyce Peterson signifies a serious intent of a tenant to investigate all options.

Choyce Peterson uses its negotiating experience and market knowledge to strategize and negotiate on a client's behalf, thereby ensuring that the client reaps the full benefits of their now greater value to the building owner. As tenant representative during expansion negotiations, Choyce Peterson can:

• Use increased tenant presence to maximum advantage when negotiating rate and lease flexibility.
• Provide cost benefit analysis of trade-offs between various expansion options.
• Create a comprehensive present value analysis of alternatives.

Whatever the reason for disposal of space, Choyce Peterson can evaluate lease documents to help identify a disposition strategy and the issues concerning a sublease, cancellation, buyout or recapture by the landlord. In addition to gauging the impact of local market conditions, Choyce Peterson's lease review addresses restoration requirements, subleasing and marketing restrictions, landlord notice and consent issues.

Choyce Peterson can provide an opinion regarding the probability of success of one of these strategies from a supply and demand point of view and relative to the conditions of the master lease. Rather than turning to a landlord's agent, appointing Choyce Peterson assures the best buyout, recapture, or sublease negotiations. If subleasing, Choyce Peterson's expertise puts the sublease space on a level playing field with space that might be on the market directly from the landlord and competing buildings.

Choyce Peterson can provide:

• Complete exploration of all available options for space disposal.
• Pre-negotiation analysis of market conditions and feasibility of available alternatives.
• Comprehensive present value analysis of the financial impact of alternatives.
• A multifaceted sublease marketing program that includes:

- broker and public internet database listings.

- mailings of data sheets and floor plans.

- phone calls, and personal canvassing of area tenants and brokers.

Choyce Peterson was founded upon strong relationships with corporate clients having local and national real estate requirements. Each relationship has been built on Choyce Peterson’s ability to view the issues and available options through each client’s unique perspective, in the context of their specific business. This is a process that takes time. Choyce Peterson’s clients recognize the value of this effort to learn their business and the increased trust and efficiency that comes from a long-term relationship involving multiple transactions. Rather than repeat the process with numerous brokers in other markets, clients look to Choyce Peterson to be their real estate “field manager” for non-local requirements and thereby deliver a single point of contact as well as a consistent, comprehensive process.

In essence, Choyce Peterson becomes a corporation’s outsourced real estate department. As the real estate specialist on the team, much the same as with an in-house real estate manager, Choyce Peterson is the critical resource for implementing, strategizing and negotiating. The Choyce Peterson professional becomes the central contact for the landlord, the client firm’s local manger and the client’s headquarters staff. This streamlines the flow of information and facilitates fully informed decisions. Choyce Peterson also draws from local market contacts on an as needed basis.

For corporate clients requiring national representation, Choyce Peterson can:

• Serve as the single point of contact for clients leasing and acquiring multiple sites.
• Provide the expertise and scope of services associated with an in-house real estate department with the economies of outsourcing.
• Function as the most efficient route to detailed information regarding multiple markets.
• Ensure the confidentiality of client research and negotiations.
• Implement a standardized search and negotiation process.