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hi this is Steve Kerr Levitch of CBRE welcome to another edition of Street talk today is one of my favorite topics today Id like to talk to you about lease renewal strategies if you have an upcoming lease expiry you might be surprised to learn that landlords typically expect to receive premium rental rates from a tenant thats renewing versus a new tenant in the market because theyll estimate your moving expenses and theyll try and factor these costs into their renewal proposals but the biggest mistake that we see firms make here is that they dont allow themselves enough time to negotiate effectively your option to renew clause within your lease will typically state that youre required to give notice to the landlord anywhere from 6 to 18 months prior to your lease expiry but if you wait until youre within that notice period and give notice youve basically lost all of your negotiating leverage because youre negotiating strength comes from having choices thats where we can help