should be well aware of your current lease terms including every option and deadline. Most leases contain options that must be exercised within a specific time period, typically six to 12 months prior to the lease’s expiration. If you allow this period to pass, you risk losing all rights outlined in the option, which can cause the negotiations to begin at a disadvantage.
5) HOW DO I CALCULATE WHAT I AM CURRENTLY PAYING PER SQUARE FOOT? Knowing what you already are paying per square foot is especially important if you are thinking about renewing your lease. What you are paying now versus what buildings are leasing for in your immediate area can be vastly different, especially if your lease has had automatic escalations in the rate over the term of the lease. The way to calculate your price per square foot is to multiply your monthly rent by 12 months and divide it by your square footage. Keep in mind that NNN or CAM charges (operating expenses for the property) are also calculated the same manner.
Successfully negotiating a lease renewal is more than bartering, bluffing or asking for a good deal. Landlords and their professional representatives are in the full-time business of maximizing their profits, even if it means taking advantage of uninformed tenants. You can level the playing field by engaging your own professional representation, gaining competitive market knowledge and hav- ing multiple options for your office space. When done properly, a well-negotiated lease renewal can have a dramatic impact on your practice’s profitability. f
Travis Smith is an agent with CARR Healthcare Realty, the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Visit
CARR.US to learn more and find an expert agent representing healthcare practices in your area. Contact him at 573-355- 0537 or
travis.smith@
carr.us.
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Defense costs are covered in most Employer Practice Liability policies …
However, make sure that these are “outside the limits of liability” of your policy so that the legal expenses do not detract from the protection the coverage was intended for.
Call MDIS about Employer Practices Liability policies.
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ISSUE 4 | JUL/AUG 2019 | focus 29
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