August 24, 2020
How to Navigate Your Post-COVID Lease
POSTED BY Dahir
The impacts of the recent pandemic have undoubtedly left its mark on businesses like yours. While your team might still be scattered between home and the office, now would be the ideal time to re-examine your current lease. We’ve put together a guide on how to navigate your lease in a post-COVID environment, where your needs and workflows might look a little bit different.
Making the Most of Your Space
You have some options when it comes to altering your lease to better suit your workforce. Chances are you’ve had to downsize your team over the last few months, and it might not make sense to continue on a lease that is disproportionate to the size of your team. Leasing less space could be an appropriate compromise to keep your lease, without overpaying for space.
In terms of managing the space, you already have, revisiting your space design could be worth your while. Consider trying new furniture configurations to promote distancing in your offices and implement protection like freestanding plexiglass screens if your space won’t allow for proper distancing. At the same time, depending on the layout of your space, opting for more private spaces might be a better solution to creating protective measures in your space. Remastering your flex spaces is another great way to get more use out of your existing space. High-risk areas that would no longer accommodate workplace distancing or appropriate capacities, can now be used as additional space for workstations, offices and expanded traffic flow.
Making the Most of Your Finances
In terms of monetary navigation, there are ways to make your post-COVID lease work for you. Consider entering or renewing a contract on a short-term lease. With circumstances remaining slightly unpredictable, signing a monthly lease, or committing to a year by year basis could be a better alternative to safeguard your business in the case we see more unexpected changes.
More often than not, the best solutions will involve negotiating with the landlord on your end. Agreeing to things like rent reductions if the economy drops by a certain percentage can keep your lease subjective to environmental changes and strenuous circumstances. Likewise, terminating a portion of your space for a lease extension instead can help you save on time and mone, in order to see where your company is at now that things are beginning to stabilize.
Making the Most of Your Building
Additional aspects to keep top of mind include working with the landlord to upgrade the overall state of your building. Proper HVAC Filtration and Purification will need to be installed as a preventative measure to ensure proper air quality among this pandemic. Utilizing touchless technology like hands-free sanitizer dispensers and stairwell key cards can be a good start to equipping your building for a post-COVID world in the long run.
Coming back to your space can seem overwhelming, especially when you’re returning under completely different circumstances than before. Knowing how to make your lease work for you will be key in avoiding excessive costs that come with virtually no benefits. Truspace has the experience and expertise to help capture the beneficial savings of your space and ensure your interests are optimally served. With a free, reopening consultation, we review the space you’re looking to rent and give you an accurate, no-obligation quote based on your office requirements. For personalized insight on how return to your office and manage your space like an expert, contact us at [email protected] to schedule a preliminary reopening consultation.