Toronto Office Space When Should You Start?Step 5 - Toronto Office Space - The Sands of Time Renew or relocate, it’s important to give yourself enough time to do your negotiation properly. As you'll see later in this series of articles, renewing is essentially the same process as relocating. Most tenants and landlords treat commercial real estate renewals as a slam dunk. Big, big mistake. Give yourself enough time to get the best rate, best building and the best location without having to compromise because you ran out of time. Start early. Landlords tend to dilly dally in negotiations. Why, when they have loads of vacant space do they do this? They want to use up your precious time. They know that when you run out of time you run out of options. Every Toronto Commercial Real Estate tenant puts a time limit on his offer and every landlord lets it expire. They dawdle over negotiations for ages. They know that good negotiators use time to wear down their opponents. They know that you won’t have the time or energy to negotiate elsewhere. This technique works, especially if you haven’t left yourself enough time to break off negotiations and go somewhere where you can get a better deal. Landlords know the value of time to a negotiation. Now, you do too. This chart will give you a good rule of thumb as to how long it will take you to find the space, do the deal and construct the office. It can be done more quickly but the tenant always suffers through paying more rental costs. Toronto Office Space Size Lead Time 1,000 - 3,000 Square Feet: 4 To 6 Months 3,000 - 10,000 Square Feet: 6 To 8 Months 10,000 - 20,000 Square Feet: 8 Months To One Year Above 20,000 Square Feet: Up to 2 Years In Advance This gives you time to explore all the alternatives and more importantly time to break off negotiations if the landlord doesn’t give you what they you No landlord likes to have empty space. It costs them money. Just remember, it's only a building you’re leasing and as one of my legendary mentors always told me “there’s almost always an one out there. Its somewhere out in the mist. If you don’t have time to get out the magic wand and wave it , you’ll never experience the magic.
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