As a business, you will need real estate in order to conduct operations and expand. During the process of expansion, it will be important to find a property and office spaces that will allow you to more efficiently run your business. When looking to expand your business, it will be important to consider a number of factors. This includes the area and neighborhood, the potential to bring in customers, the competition and also if you need more space to operate. It will also be important to consider getting more space for storage and getting into a property with updated facilities.
Whether your business is just starting out or you have hopeful plans to expand existing operations, you may need more space before your lease ends. Ideally, you should plan at the time you sign the lease to take more space if you need it. That’s the function of an option to expand clause, also known as a “pure” option. It reserves other space owned by your landlord for your business, either in the same building or elsewhere. If you end up deciding that you don’t want the space, you’re not obligated to take it. T. Dallas Smith and Company can aid and protect you in the event that you decide to exercise an expansion option.
Our Added Value Includes:
- Expectations consultation
- Space planner recommendation
- “No Cost To You” protection
- Budget formation and advice
- Financial review
- Market analysis
- Lease analysis
- Detailed contract review and advice
- Option and clause interpretation
- Competition creation
We Can Help If Logistics Won’t Allow Expansion
Sometimes sheer logistics may hamper your ability to press for an option to expand clause. If the landlord has a multi-tenant building, granting expansion options to more than a few tenants will create an impossible confusion of off-limits space. Finally, if the space you want is already leased out, the landlord will simply not be able to offer you an option on it. In this event, T. Dallas Smith and Company can assist you in finding a commercial space to purchase or lease that more suits your business needs and future growth.