Many businesses fail to get the best deal with their lease because they assume that testing the market will be an expensive waste of time compared with simply renewing an existing lease with the same landlord. This assumption can actually lead to increased costs on the existing lease as well as additional costs of unforeseen changes to the workspace and a lack of flexibility for the future. Importantly, it overlooks an opportunity to align the dynamics of people, place and process in the workplace to create a driver for business success.
Many businesses think that staying put is an easier and cheaper option. However, even when current accommodation is genuinely sufficient and flexible enough to meet future needs, businesses should test the market to ensure they get the best long term deal on their lease. With knowledge of leasing options in the market, a business can more effectively negotiate with their existing landlord to win a range of benefits from more reasonable rent reviews to a contribution to the fitout.
In solving the dilemma of whether to stay or relocate, the action that separates the winners and losers is based on the ability to make an informed decision. Testing the market provides assurance for an informed decision and is the basis for building a workplace strategy that provides certainty even within a changing environment.
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