Retail Lease Timelines: Finding the Right Balance for Quick & Efficient Negotiations

How fast was your fastest lease negotiation? Would you believe me if I told you that last week, I went from prospecting, to lease negotiations, to key handover & deposits all in less than 24 hours?

Okay fine, it was a parking spot, but I'm putting that up as a personal best!

It does beg the question though, what is the optimal timeline for finalizing a lease? With the complexities of our industry, it can feel like navigating a maze. Let's take a look at the various factors influencing lease timelines and how we can approach them more effectively.

1. New Build Developments vs. Existing Space: The nature of the space can significantly impact lease timelines. New builds introduce additional layers of complexity, including permitting and construction timelines. Conversely, existing spaces may require extensive negotiation around tenant improvements and lease terms.

2. Leveraging In-House Legal Teams and Resources: Harnessing the expertise of our in-house legal teams can be transformative in lease negotiations. Their insights and guidance streamline the process, provided there's clear alignment between legal and business objectives.

3. Seeking Efficiency: In our fast-paced world, efficiency is paramount. Identifying opportunities to streamline processes, such as standardized templates and automated workflows, is essential. Leases always move faster when I have existing paper with a landlord! Embracing technology for document review and collaboration can expedite the process and reduce unnecessary delays.

4. Exercising Control Where Possible: While we may not control the pace of external parties, we can influence the process's cadence. Maintaining organization, setting clear deadlines, and fostering open communication are key. Proactively addressing issues ensures momentum and prevents unnecessary delays.

5. Embracing Technology for Efficiency: Technology serves as a powerful ally in lease negotiations. Electronic signature platforms, lease management software, and virtual data rooms streamline document review and approval processes. Embracing these tools facilitates smoother collaboration and expedites the leasing process.

Unfortunately, there's no real universal timeline for finalizing a lease, but understanding the factors at play and implementing strategies for efficiency are crucial. By staying proactive, leveraging resources wisely, and embracing technology, we can navigate lease negotiations with finesse and efficiency.

Here's to efficient negotiations and successful lease signings! Even when they take more than 24 hours.