When the time comes to look for a commercial space to lease, it is important for a business to work with successful tenant representatives who can help them find the perfect building! Commercial leasing, and the process involved in a successful lease negotiation, can be quite complex. Therefore, working with a professional that knows about the local leasing environment is recommended. Tenant reps are an important "go-between" who work for prospective tenants and who how to negotiate the best deal. They help tenants find the perfect space for their needs, without the hassle that often comes with inexperience in commercial leasing.
Commercial Real Estate Availability and Value
One of the biggest challenges a company can face, is finding a great place in which to house their operations. Not every commercial property available is advertised, and many of the best, or most fitting spaces, may not be apparent. With a thorough knowledge of local listings and available spaces, as well as current local commercial real estate values, tenant reps are an integral part of finding the perfect space to lease. Based on approximate budget, location preferences and other specific needs, tenant representatives do the legwork in finding the most suitable spaces - narrowing the choices so making a decision is easier and less time consuming.
Building Codes and Space Improvements
When vacant commercial space is sparse due to high demand, higher values are not the only challenges a business can face in the hunt for office space. As companies explore more alternative and creative options in commercial properties, often looking at older buildings, issues regarding building codes may come up. Tenant reps are skilled at researching this information, since finding a lease that works for their clients is priority. With familiarity in local codes and ordinances, they know the right questions to ask, and what to look for to ensure a property is up to code, and can actually be leased out for a business to occupy.
Similarly, skilled tenant representatives usually understand what kinds of improvements can be made in certain spaces, making them more suited for a tenant needs. With this type of experienced vision, tenant reps can demonstrate to clients how a space can be renovated to fill needs or be brought up to code - or if it is better to look elsewhere. These qualities alone are extremely valuable, and can save a business huge amounts of money by avoiding building problems that must be remedied beforehand, or in trying to improve a building that simply cannot be what the client really needs.
Experienced Lease Negotiations
Above all, once the right building has been found, and the ideas on how to make a plan that works are flowing, tenant reps work on securing the most favorable leasing conditions possible for their clients. This includes negotiating for improvements and rent rates, and protecting a tenants interests by negotiating things such as termination options, and right of first refusal for additional space. When renewal time rolls around, tenant representatives are also invaluable, since a lease renewal is negotiated the same way as a new lease, based on changes in the commercial real estate market. When negotiating these and other points, it is the tenant rep’s job to fight for the best lease agreement possible, so a business can find a place to call home, and the landlord can fill their vacant space.
Considering the points referenced above, and the challenge that successfully finalizing a commercial lease presents, it is highly recommended that a company enlist the assistance of experienced tenant representatives to help them find the best space. Through skilled negotiation, knowledge of the local commercial leasing environment, and many other important ways of looking out for a client’s best interests, a company always stand to come out ahead when working with commercial tenant reps!