Leasing commercial office space is nothing at all like leasing any other type of property. There are many extra details involved in successful commercial lease negotiations, which many business owners have no experience handling. Without a thorough understanding of current leasing trends, a business runs the risk of not getting important concessions otherwise obtainable with proper negotiations and the assistance of tenant representatives.
To achieve the most advantageous leasing arrangements, a company should work with qualified tenant reps who can successfully negotiate for them.
Discuss Needs and Define Conditions
Before any company can lease a new office space, it is essential to analyze actual needs, which can be somewhat challenging. Therefore, it is best to initially work with a commercial tenant representative. The job of finding the right space for a client and negotiating occupancy begins with an estimate of what each company needs in terms of square footage and all other requirements needed to properly serve employees and clients.
Experienced tenant reps have a good eye for determining leasing requirements by using various tools as well as knowing the right questions to ask a client. Those who begin the process of property location and negotiation with an experienced tenant representative will find a space much more tailored to their needs.
Start the Process Early
Finding and negotiating for a suitable lease property can take some time. A business client should always start their search at least 6 to 18 months in advance, depending on specific needs. Commercial tenant reps are an asset in the search for the right property as they know local available properties and can more likely locate ones that more closely fit company needs. By also understanding how a space can be modified to fit a company’s specific needs, tenant reps help by actually finding more potentially suitable properties than a business might consider looking at listings on their own.
Compare Options and Negotiate Terms
After locating suitable properties, an experienced tenant representative will meet with their client and discuss the pluses and minuses of all such options, offering their opinion on the best way to make each option workable. This is the time when a company must determine where they can be flexible in lease negotiations - and what are deal breakers. By understanding the feasibility status of each potential property, tenant reps then work with leasing agents and landlords to determine which landlord and building is going to be the best option.
By understanding what a client wants and needs as well as the current commercial leasing market and trends, tenant representatives can be a critical part of the negotiation process. They can use the pluses from one property as motivation for better negotiations on another as negotiating tactics to obtain the best leasing agreement possible for their client
Any business can find an expert to find a suitable commercial property and negotiate for its lease. Due to the complexity of commercial space negotiations, it is safe to say a company can have an affordable lease as well as a better-suited building with the help of commercial tenant representatives. Using the services of trained and qualified tenant reps can help a business achieve office leasing goals efficiently and effectively!