Welcome to my channel and in today’s video, I am going to answer the question "What is Option to Renew Lease Clause?".

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Each week, I answer questions asked by our viewers on topics pertaining to commercial real estate. If you're interested in having your question answered, feel free to email me.

▶️ raphael@grisantigroup.com
▶ With the subject line of "Weekly CRE Question"

In this video, I explain what an option to renew is and the benefits of having one in your lease agreement.

Option to renew gives you the right to renew your lease at pre-determined terms prior to the end of your lease term. ✍

For example, if you sign a 3-year lease that has one 3 year option, you have the right to renew your lease for another 3 years at the end of your lease term. 📃

The benefits of having renewal options are is that it puts you in the drivers seat. 🚘

If at the end of your lease term the economy is doing well and market rates are high, you can lock in your new lease at a lower, pre-determined rate. 📈

However, if at the end of your lease term the economy is doing poorly and market rates are depressed, you can either renegotiate your lease rate with your landlord or seek out space in a more favorable area. 📉

When negotiating your commercial lease, I strongly recommend advocating for a least one option to renew. 🔁

Typically, landlords will offer an option that is similar in length to the original term. ✅

For example, if you sign a 3 year lease, landlords will typically offer one 3 year option on the back end. ↪

However, it doesn’t hurt to ask for more so consider doing so. 🗣

If you like the video, please SUBSCRIBE, and don't forget to press the bell 🔔, 👍like, comment and share. Stay safe and Love all.
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