Q: How do I renegotiate my lease to obtain a lower rate?
A: If you are negotiating a lease renewal, talk to the landlord about all the vacant and unleased space in your neighborhood. Remind him or her that you have been a good tenant and paid your bills on time. Now, is the time to ask for a reduced rate on your lease. The landlord can keep the space filled and you can get a rate competitive to today’s market conditions.
If you are in the middle of a lease term, you can talk to the landlord about renegotiating your lease. You can also discuss reducing your rental rate by using less space. Before you go into the meeting, have a plan. You can meet with a SCORE counselor in your town, to talk about local market conditions and how you can make the best lease arrangement for your business.