Cost efficiency
Negotiating your commercial lease: a 10-step guide
We’ve compiled this 10-step guide to help you get the best commercial outcome for your business.
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With the economic downturn in full swing, it’s now a tenant’s market and an opportune time to renegotiate the terms of your commercial lease to ensure it is sustainable in the short term and aligned to your long-term business goals.
Whether you’re already eligible for rental relief under the COVID-19 Code of Conduct for Commercial Tenancies or you’re preparing for a possible downturn in sales, negotiating your lease can be a daunting exercise.
The guide covers
1. Eligibility and your rights under the COVID-19 Code of Conduct
2. Understanding your landlord’s motivations
3. Evaluating your market rent
4. Understanding your local market
5. Calculating a sustainable occupancy cost
6. Approaching your landlord
7. Setting and style for negotiating
8. Negotiation tactics (rent, term, reviews, outgoings)
9. Lease formalisation
10. Disputes.
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