Moving your business may be one of the single greatest decisions a business owner ever makes. While considering a move, there are many factors and potential missteps that need to be taken into account. How can a business owner plan for a successful move? JLL’s Alan Kleber says it’s all about preparation. He shares his top tips to avoid the common pitfalls of relocation:
Should I renew or relocate?
Renewing a lease versus relocating should not be seen as separate choices but rather as one long-term business decision. The most important question business owners must ask themselves is “how is the real estate solution going to support my business objectives?”
How early should I start considering a move for my business?
Tenants should begin considering their options a year before their renewal notification is due. For example, if a landlord needs to be notified 12 months prior to lease expiration, the process should begin 24 months in advance.
What types of professionals need to be involved to ensure a smooth move?
A solid team should include: a commercial real estate broker/adviser, a real estate attorney and an architect. The attorney should be well versed in real estate law.