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TO SUBLEASE OR NOT TO SUBLEASE?
The moment has come. For months, you’ve been doing all kinds of creative things with that extra office space. Maybe you had your firm’s holiday reception back there, or maybe you started holding yoga classes at lunchtime. But now you have to face the facts: You don’t need that extra space. Whether it’s the result of downsizing, restructuring, or implementing a telecommuting policy, it’s a millstone, so what are you going to do about it?
If the rent’s fairly low, the space fairly small, and the time left on the lease fairly short, you’re going to have a hard time subleasing this extra space out. You could try to buy it out – offer your landlord a cash settlement in exchange for being released from your lease. Or, if you’d like the space recaptured by your landlord, you can hire a brokerage professional to offer it at market rates in hopes of finding a long-term tenant who would then negotiate directly with the landlord thereby relieving you of your remaining obligation.
But, maybe you’re left with a long-term lease on a sizable space that’s eating up a significant amount in rent, and you really need to offset these financial losses. In …
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