What do you expect when you are looking for your next office lease expansion, relocation, renewal or new location? Do you know what your true office market is and how you can position your firm to take the best advantage in the present market conditions? These questions can be answered when you employ a quality tenant representation service firm.
If you are renewing your lease, you need to realize that your space is more than just on office to your landlord. You are an intricate part of the overall value of the building. You must understand what the cost would be to the landlord if you were to vacate your space or choose to locate to another facility.
A good office tenant representation services firm will help you you with the analysis of your present lease and make recommendations that can help you either renew your lease on your terms or possibly relocate to another building that is a better fit for your business.
Usually the tenant representation service starts with an overall evaluation of your present situation. The evaluation should be help you determine:
- If your business can reduce rent and occupancy expenses
- What to expect with future rental and occupancy expenses
- If your security deposit expenditures can be decreased
- Can operating expense pass throughs be reduced
- Effects of new property tax pass throughs
- Secure favorable rights and options to grow, contract, renew or sublease space
- Evaluation of your current lease
- Reduction or elimination of the guarantee of your lease
The tenant representative should take the data gathered from your initial meeting and develop a detailed strategy to help you and your firm achieve the desired outcome for your next office space. They should put your firm in a position that they can either renew or relocate to another location if you cannot achieve the terms and conditions that are most beneficial for your business.
Additional benefits you should receive from a professional tenant representative:
- Increase the length of your present lease for more favorable terms
- Reduce the remaining term of your lease
- Increase the number of lease option periods
- Increase or decrease the size of your lease premises based upon the results of the initial interview.
- Obtain a right of first refusal on space adjacent or contiguous to your present location
- Market comparison of leases being done in your current building and in neighboring building
- Evaluation of lease terms and conditions with comparable buildings
- Increasing the size of the tenant improvement allowance
- Analysis of your operating expenses in comparison to comparable buildings
- Financial analysis of all offers to assist you in your decision making
- Closely working with your legal council to help make the lease a market lease
- Lease negotiation
Once the lease is executed your tenant representation broker shouldn’t disappear. Their job isn’t complete until you have relocated into your new office and you are satisfied. A respected tenant representative has the skills necessary to smooth things out when their is a problem after the lease is signed. Obviously they cannot be of any help if they don’t care enough to stay with their client until the keys are delivered and the tenant is happy.
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