"If you are a business that will face an expired lease in the coming year there are several points you should remember now more than ever in deciding whether to re-lease in your existing building or consider a move to a new location," he adds.

The first thing to do is understand exactly how much square footage is currently leased and how much is actually needed. Most leases do not list square footage, instead showing a dollar amount or an approximate rental number, mainly because rent is paid on rentable square footage, which includes common areas of the building that are shared.

Hansson notes because there are no official standards of measurement, building owners are rarely exact in determining this common area charge. This can cost the tenant significantly.