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Turner Drake & Partners Ltd.
6182 North Street
Halifax, N.S.
B3K 1P5
Canada

Tel.: (902) 429-1811
Toll Free: (800) 567-3033
Fax.: (902) 429-1891

Suite 221
12 Smythe Street
Saint John, N.B.
E2L 5G5
Canada
Tel.: (506) 634-1811

Suite 11
109 Richmond Street
Charlottetown, P.E.
C1A 1H7
Canada
Tel.: (902) 368-1811

35 York Street
St. John's, N.L.
A1C 5M3
Canada
Tel.: (709) 722-1811

4th Floor
111 Queen Street East
Toronto, ON.
M5C 1S2
Tel.: (416) 504-1811

E-Mail: tdp@turnerdrake.com
Internet: www.turnerdrake.com

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# Wednesday, February 11, 2015

As an existing tenant with a lease expiry date looming, your varied options (relocate, renew or resize) may seem intimidating. Here are some tips to consider:

Relocate

One of the first things to look at is what length of notice your current landlord requires in regards to your notice to renew or move on. This is a process that should begin anywhere from six to nine months prior to your lease expiry depending on the complexity of your move.

Some leases have clauses that specify how much notice is required. In some cases, if that notice period is missed you could find yourself in a delicate situation. If you get into an over-holding position some leases have the right to increase your base rent anywhere from 150% to 200%.

After determining the length of notice required, it is now time to decide: where do you want to be; what issues are critical to making a move; what costs (other than rental) are involved?

Renew

If the market is soft and is what is described as a “tenant’s market”, some landlords will look at renewing your lease earlier in order to guarantee a longer tenancy. A sound knowledge of market conditions (supplied by your broker or agent) will guide you through this process and outline what incentives the landlord will supply, i.e. paint, carpet, renovations, parking, etc..

Resize

If your growth has not gone as anticipated and you are looking to downsize, you will find that the majority of landlords are more than willing to accommodate your requirements, should you have a good relationship with your landlord.

If you are looking to expand because you are exceeding growth expectations, the landlord will be pleased to speak with you to determine if they have options in the current property or availabilities in other properties within their portfolios.

Overwhelmed by your leasing options? Call Russ (or any member of our Brokerage Division) at (902) 429-1811.

Wednesday, February 11, 2015 10:00:24 AM (Atlantic Standard Time, UTC-04:00)  #    -
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