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Helping Nonprofits (and businesses) Find Value and Savings in their Office Lease
The physical spaces in which we deliver services sets the tone for an organization or business - both for participants and for staff. In finding a home for our nonprofits, we are often focused on location and cost, but the finer details of lease arrangements can be more complicated.
I was pleased to chat with my friend and colleague, Craig S. Ruoff, Executive Vice President at Colliers, on May 8th about helping organizations navigating commercial leases.
When speaking with a new client, Craig has three initial questions:
1. Do you know what you are paying?
Often clients might be paying bills without comparing the details of these expenses and what was agreed to in their lease.
2. How is your space – does it meet your needs?
Many times, in looking only at upfront lease expense, organizations will forfeit space needed for programs, customers, and staff. The spaces that nonprofits occupy should be accessible to their clients and staff. Additionally, they should be welcoming places that help inspire the organization’s mission.
3. Do you know when your lease is up for renewal?
The power of negotiation for lease renewals is not the month before the lease expires! Get started early (Craig recommends two-three years before your lease comes due) as you will need time to negotiate new terms or, to find a new location and move.
At the end of the day, navigating space needs and the leasing process, requires thoughtful planning. While a real estate attorney will review your contract for legal compliance, a broker with expertise in nonprofits embarks on the journey with you at the beginning to ensure that the place that will become the home to your staff and clients, meets the purpose and mission of your organization. Thank you to the Community Foundations of the Hudson Valley for hosting our conversation!
Watch our conversation here.
Have questions? Email Craig here.
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