If you have a great commercial lease for your business, consider yourself fortunate. And don't take it for granted. Things can change at any time.
I had a client who had been in the same location for more than 20 years when the landlord summarily decided to raise the rent by $25 per square foot. With just a few months' notice, we had to scramble. We found a good building, and the prospective landlord loved my client — but evidently not enough to avoid nickel-and-diming them to death when it came time to sign the lease. I guess the landlord figured he had my client over a barrel because time was so short.
The landlord figured wrong. My client nixed the deal and continued looking. In the end, we found them an even better location, with a favorable sublease. Moral of the story: You don't have to let the landlord call all the shots when you negotiate a lease — even in a tight market like New York City (where my firm operates). The following are five tips to help you get the best terms.