The simple answer is: AS SOON AS POSSIBLE.
Finding the perfect commercial space is a comprehensive process and it takes much longer than one might think. As a company, you want to leave plenty of time to ensure that the selection process goes smoothly. As a tenant and buyer representatives, we need adequate time to dive deep into your specific companies’ goals, identify your current needs, and help brainstorm for future planning and growth.
What takes so much time you might ask? Tenant and buyer reps need time to plan ahead so we can successfully identify and vet multiple options, create a competitive environment to leverage and negotiate critical deal points, and ultimately help you get to the finish line with a signed lease document. After the lease is signed, it is likely that your space will need improvements and it is important to allow for plenty of time to complete construction and/or build-out. If you don’t allow ample time for each step of this process, you may be forced to make pressured decisions potentially resulting in business interruption and financial strain.
Here are the typical time frames to begin the commercial real estate process based on square footage needs.
|Square Footage Needs||Time Frame to Begin Process|
|> 15,000 SF||18-24 prior to lease expiration|
|10,000-15,000 SF||12 months prior to lease expiration|
|<5,000-10,000 SF||6-12 months prior to lease expiration|
*In this current market it is important to consult us on if it makes sense to renew your lease
At Benchmark, we are here to help you through this complicated process and ultimately, make your life easier. We enjoy getting to know our clients on a more personal level so the more time we have to help you the better.