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WHEN IS THE RIGHT TIME TO ENGAGE A “TENANT REP”?
A “tenant rep” is a real estate advisor that represents your real estate interests in a lease transaction. They do NOT represent the interests of landlords or property owners. The timing to engage a tenant rep varies and is dependent on the lease notice/expiration date and the size/type of space you lease. Implement your relocation or lease renewal strategy no less than six months prior to your lease notice date if you have 5,000 square feet or less. If you have more than 5,000 square feet and less than 25,000 square feet, you should initiate your strategy at least 12 months prior to your lease notice date. Do you lease more than 25,000 square feet? You are a substantial tenant in the market and it is vital to initiate an effective relocation or renewal strategy 18 months in advance of your lease notice date.