Final-Stretch Commercial Real Estate Negotiations: What to Watch for
The early part of a lease negotiation is easy to stay disciplined in. You’re touring options, comparing buildings, and asking the right questions. The process feels measured, and you still have enough flexibility to pivot if something doesn’t feel right.
Where it gets expensive is later, once the deal starts coming together. You’ve made progress on rent. The landlord’s tone softens. Your internal team starts planning for the move and talking like it’s basically done. That’s not when I lean back. That’s when I lean in. The last stretch of a lease negotiation is where the details matter most, and where leverage can start shifting quietly if you’re not paying attention.
This is the “final stretch.”
What the “Final Stretch” Actually Is
The final stretch is the phase where the deal feels close, but it is not signed yet. Momentum is high, internal stakeholders are engaged, and the timeline starts driving the decision-making. Even if you have a signed LOI and a lease draft is circulating, you are not finished negotiating. The final lease is what determines what you actually agreed to, what you’re exposed to, and how much flexibility you’ll have later.
Late-stage negotiations move fast. When the finish line feels close, small trade-offs start getting approved faster than they should. Over time, those “minor” decisions add up in real dollars, real restrictions, and very real limitations on how you operate in the space.
What to Watch for in the Final Stretch
In the final stretch, I see the same patterns show up again and again. One of the biggest is when the lease draft comes back “mostly right,” but key terms quietly drift from the LOI. It might look close enough at a glance, but small wording changes can move responsibility, increase cost exposure, or reduce flexibility in ways that do not feel obvious until later.
Common examples of LOI drift include:
• Lease language that shifts responsibility for repairs or maintenance
• Operating expense definitions that expand what you pay for
• Use language that narrows what your business can do in the space
• Edits that limit assignment, subleasing, or growth flexibility
- Caps on how many people you can have in the space
Most teams miss these changes because they do not look dramatic, and they assume their current circumstances will remain throughout the duration of the lease. They look like normal legal edits. And even if the lease terms stay mostly intact, the economics can still shift late.
When Concessions Quietly Shrink
Final stretch negotiations are also where concessions can start shrinking without being framed as a major change. Free rent gets shortened or starts later than expected. TI dollars get capped differently than the business team assumed. Securitization requirements increase. Timelines tighten. Sometimes it shows up as “standard cleanup language,” but in reality, it changes the economics you thought you negotiated.
Late-stage concession changes often show up as:
• Free rent being reduced, delayed, or structured differently
• TI allowance language changing in ways that reduce usable dollars
• Higher deposits or added security requirements
• Tighter delivery deadlines and less forgiveness around delays
These shifts usually are not presented as a renegotiation. They are presented as part of the process, which is exactly why they get approved too quickly.
Why It Helps to Have Keyser on Your Side
At this stage, most business leaders do not need more advice. They need a disciplined process and a second set of eyes, because the final stretch is where the deal can change late without anyone catching it.
Keyser is tenant-only and conflict-free. We represent business leaders, not landlords, and we protect leverage through the entire process, including the stage where most teams are already mentally moving on. Our role is to keep the negotiation disciplined, confirm the deal matches what was agreed to, and prevent the timeline from forcing unnecessary concessions.
If you want a simple explanation of why that matters, start here: conflict-free tenant representation. If you want the practical framework for how leverage is built and maintained throughout the negotiation process, here’s a straightforward breakdown: negotiation leverage.
The Bottom Line
The final stretch isn’t the moment to take your foot off the gas. It’s the moment to stay focused, because this is where the final version of the deal gets set. Small decisions move faster late in the process, and they have a way of showing up later in real dollars and real flexibility, often long after the team has moved on and the space is already occupied.
If you’re in the final stretch right now and something feels slightly off, don’t ignore it. A quick, disciplined review before you sign can protect the outcome you worked hard to negotiate. If you want a second set of eyes, you can request a Lease Review from Keyser.
Frequently Asked Questions:
Q: What should I review before signing a commercial lease?
A: Confirm the lease matches the terms you negotiated, including rent, tenant improvements, free rent, operating expenses, renewal options, and key protections that impact long-term risk.
Q: Why does a lease agreement change after we already agreed to the deal?
A: Because the LOI outlines the business deal, but the lease document controls the final language. During drafting and legal review, terms can shift unless they are tracked and enforced.
Q: How do I protect my leverage before signing a lease?
A: Stay disciplined through the final draft. Make sure the lease matches the business terms you negotiated, confirm concessions are intact, and do not let timelines force rushed approvals.
