Tenant relations and renewals

Renewal economics are brutal in the landlord's favor when service is good: a renewal avoids downtime, tenant-improvement dollars, leasing commissions and the risk of a worse covenant. A tenant kept at a fair rent usually beats a new tenant at a headline rent — run the numbers with vacancy months and TI/LC included and the gap is large.

Renewal work starts 12–24 months out for meaningful suites: know the option windows and notice dates (missing a tenant's option deadline can hand them leverage; missing your own notice can roll terms), know where in-place rent sits against market, and know the tenant's business trajectory from payment behavior and service requests.

Day-to-day relations are the renewal campaign: responsive work orders, honest communication on disruptions, clean common areas. Tenants renew buildings that work.