Working with commercial tenant representatives is an asset for any company searching for the perfect commercial space. Tenant reps serve an invaluable purpose for tenants, helping them through the entire search process and acquisition of the right space to lease. With a vast understanding of everything from local leasing trends to how to negotiate for the best renewal options, tenant reps do much more than simply locate a property and help a company get the best rate. There is an entire process involved in actually arriving at the point of signing a lease. This is where skilled tenant representation becomes a critical part of obtaining the best space possible.
Analyzing the Need
One of the most important things that must occur before any company decides which space to lease is to prepare a detailed analysis of their needs. This is something that tenant reps excel at, since it is their job to find the most fitting space for their clients. By learning what a business does, how their employees work, and what the company’s goals are for the next few years, a tenant representative compares all of this with current market trends and available spaces. Everything from changes in local demand and lease rates to the potential for company growth or downsizing must be considered to determine what spaces are actually lease options and can cater to a company’s needs most effectively.
Examining the Options
After determining what a company needs in an office space and searching for suitable properties, the next challenge tenant reps face is carefully examining the options to find the best fit. This involves looking at a base property and considering a few creative ideas for further tailoring the space to better suit a company’s needs. At this stage, tenant reps look at finances, cost projections, and space planning. They perform an initial evaluation of those buildings that seem to be the most likely choices. After this has been accomplished, initial discussions between building owners and prospective tenants through their tenant representative will typically begin, bringing things closer to finding the best option for the business.
Creating and Implementing A Plan
Once all options have been thoroughly examined and a property is chosen, the final part of the process to find and occupy a new space is developing a lease negotiation plan and getting things like improvements underway and completed. This may seem like the easiest part of the process; however, tenant representatives continue to work long after the ink is dry on the contract. After skillfully negotiating the lease until both parties are in agreement and the contract is signed, there is still the matter of organizing and overseeing improvements, and facilitating a tenant's move into the new space.
The full process of finding a suitable office space, from the initial analysis of space needs and market availability to the move-in, is quite lengthy overall. It requires the skill and attention of experienced tenant representatives for the best results. By working with good tenant reps, a company can be assured that this process will go as smoothly as possible, every step of the way. More importantly, a company can sign a lease with the confidence that their new space will be what they truly need for greatest, and most cost-effective productivity!
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