More Austin businesses should ask the question “Should I perform an annual review of my Austin office space lease contract?  Every year businesses perform employee performance reviews, business budget and financial reviews, business insurance reviews, vendor reviews, etc., however one thing often overlooked is the annual review of your Austin office space lease contract.  

Many businesses make the mistake of signing an office lease contract and then filing it away never to look at it again.  There are many dates, deadlines, terms, and conditions that you should not forget about (e.g. required renewal /move-out notices, rofr and rofo deadlines, etc.).  While these things seem minor, they can be costly to your business if overlooked.  It’s important that you know your lease contract inside and ensure your business is not disrupted. 

Things To Consider  -  Every business wants to grow and your business needs will change so it’s important to review your commercial lease contracts to ensure your office space and lease terms meet your needs.  A few questions to ask yourself: 

Do you know where your office lease is?

Do you have your office lease in Austin backed up? 

Are you leasing too much space or too little?  Can you give some back or lease more? 

Are there less expensive office options out there?  

What are other buildings asking rental rates?  Are you paying more or less?

What date does your lease expire?

How many days before lease expiration are you required to give a notice to renew or vacate?

Do you have a ROFR or ROFO?  If so when does that expire?

Are you planning on renewing or relocating? 

Above are just a few questions that you should ask yourself when reviewing your Austin office space lease contract.  Depending on your particular lease and business needs there are many more things you should consider.  The key is to stay on top of things, KNOW THE TERMS AND CONDITIONS OF YOUR LEASE CONTRACT, and give yourself plenty of time to make the right decisions for your business.

You will be glad that you did.