The Leasing Process
An experienced and reliable tenant representative can make a huge difference in the successful outcome of your search for office space. A Tenant renting office space does so only a few times in his corporate life. Landlords rent space over and over again. Level the playing field by taking advantage of the availability of a good tenant representative. You will find that there is usually no cost to you. In the long run, you will end up way ahead in not only the rent you pay but also in avoiding mistakes. Don’t be afraid to ask your prospective brokers questions to make sure they can perform for you.
QUESTIONS TO ASK WHEN
SELECTING A TENANT REPRESENTATIVE
- How much office leasing experience does the real estate agent have?
- How much experience with your particular type of business?
- What is the level of their legal and financial business knowledge?
- Will they be able to review the lease contract for legal and business issues, or will you need further counsel?
- How much experience do they have in lease negotiations?
- How much knowledge do they have about the area in which you’re looking to locate your business?
- What is their process for scheduling property inspections?
- How do the find available office space?
- Can they give you assistance in space planning?
- What is their expected commission?
Once you’ve selected your representative, the process and timing will generally go along as follows:
1. Define basic space requirements:
- Size and layout (office space calculator)
- Expansion and option space
- Price and term (market Information)
- Image and quality
- Geographical area
- Intangibles and goals
1 day 2. Selection / interview with support team:
- Space Planner
- Interior Design (if desired)
- Attorney / CPA
1 to 7 days 3. Determine alternatives available:
- General market knowledge of “deals” available
- Search of database
- Verification of terms and conditions
- Review list with client
7 to 14 days 4. Narrow down alternatives:
- Inspection tours with client of likely alternatives
- Selection of 3 – 5 best alternatives
- Space planning of best alternatives
- Review and re-draw of space plans
- Selection of top 2 – 3 alternatives
- Request for proposals on top alternatives
7 to 14 days 5. Analysis of proposals and alternatives:
- Financial analysis
- Layout efficiencies
- Intangibles and goal analysis
1 to 7 days 6. Final selection:
- Choose top alternative with client
- Establish terms required
- Prepare and present counter-offer
- Approve, re-negotiate, or select other alternative
- Review lease for business points
- Review lease for legal points
- Review Workletter
- Re-negotiate lease terms
- Sign lease
7 to 30 days 7. Tenant improvement build-out:
- Monitor progress
- Report progress
- Final walk through check
30 to 120 days Time to Allow Before Tenant Improvements 24 to 103 days Including Tenant Improvements 54 to 194 days
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