What will my long term plan mean for my office space?
Renewal options are usually glossed over when a company signs an office space leasing agreement. However, DO NOT SIMPLY SKIM YOUR RENEWAL OPTIONS. Build a basic long term plan - complete with how much you realistically expect to grow in your tenure at the commercial real estate property. If you find yourself able to upgrade easily, you can then be looser on your renewal agreement. Otherwise, make sure that the fixed market value of new rates is reviewed so that you do not pay too much your second time around.
You should also consider notice periods and holdover rent issues. Remember, your business’ growth, and day-to-day, will be heavily impacted by the space that you occupy. Should you make the wrong decision, you could be hamstringing your operation. Shop around a bit, negotiate well, and you’ll have an office space conducive to your growth and success.