Read your lease for the exact language for exercising the option. To be honest, it's surprising that the landlord has not contacted you to find out what your plans are. The option language will tell you what terms the rent will be at also. It may have a market rate adjustment, a fixed percentage increase, or some other amount going forward. It will also tell you when you were to notify the landlord (3-6 months in advance is common). Once the option is exercised, you are most likely obligated to the space for the additional 5 years, unless there is an out clause (which would be very unusual). If you are wanting to stay longer than the additional 5 years of your option, ask if the landlord will give you additional options. Definitely do this in writing.
Nov 12, 2014