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What You Need to Know About Rent Escalation Clauses

  Rent escalation clauses are standard in most commercial real estate leases. If your company leases space, your rents are probably set up to increase automatically over time. While escalations of 2%-3% per year might not necessarily seem like a big deal, they can actually have a large impact on your occupancy costs over the length of the lease. Lease escalations come in a few different forms. Some leases have a single payment that covers both a charge to the landlord for the use of space in his or her building and for the costs...

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Should I Stay or Should I Go?

  As the life cycles of businesses mature and grow over time it becomes necessary to re-evaluate your office space when your lease is coming up for renewal. Square footage requirements factor as just one component of the decision process to remain where you are or look for new space. A comprehensive evaluation also includes the following issues in today’s modern business atmosphere and serve as a guide to stay or go. 1. Are You Using Your Square Footage Efficiently? Take a hard look at where your business is now and where it’s likely to...

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What is CRE Dual Representation?

Dual Representation                                                                If you’re involved in any leasing/purchasing real estate process it’s likely you’ve come across the term “dual representation” and it’s basically this: dual agency representation happens when the same broker or firm represents both the tenant and landlord in the same transaction. It’s common to find this happening when big firms are involved in the process. What might seem like an ideal...

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Here’s What You Should Know if Your Building Has Been Sold

If you occupy a building that’s been sold, be aware of the following changes. One immediate change that can happen is you will have a new property manager. If so you’ll be notified of the change of address under the notices provision of your lease. Going forward all rent payments and correspondence will need to go to the new landlord or landlord agent. However, under new ownership your lease terms do not change. Your lease is a legally binding document until it expires. Before the sale finalizes you will be asked by your current landlord/seller...

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What Should You Expect From Your Commercial Real Estate Advisor?

The logic behind a commercial real estate advisor who specializes in tenant representation is that in order for a tenant to secure the best possible contract terms they will need access to market information, transaction expertise and negotiating skills equal to that of the landlord who utilizes professional representation. Tenants should look for a real estate advisor who specializes in tenant representation with the appropriate market knowledge, relative experience and most importantly is someone they can trust to assist them with an important business and financial decision. Your advisor should: Be willing to invest the...

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8 Simple Things You Should Do Before Leasing Office Space

  Whenever you are considering new office locations, your tenant representative is going to be providing you with a tremendous amount of information on various building options. Most of the obvious selection criteria such as economics, location, quality of the building, ownership and proposed space, as well as the various amenities of the building will be comprehensively evaluated. Your advisor should have a good knowledge base about the nuances of a particular building.   However, here are 8 simple things you should do on your own before making a decision among your final building candidates;...

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A Simple Guide to Leasing Commercial Real Estate

  Whether you’re getting ready to move to a larger office space or planning to add a second, third, or fourth location to your portfolio, there is a lot to consider when it comes to commercial real estate leasing. Keep the following tips in mind as you move through the process to ensure the best outcome and make the process as smooth as possible: 1. Start the Process Early The search and negotiation for commercial real estate takes much longer than most companies think. Ideally, depending on the size of your requirement, you should begin thinking...

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Considering a Relocation? A Guide to How Much Time You Need

Market conditions, the size and complexity of the transaction, and option notice dates can help determine when to begin the process of evaluating your office lease. Time should be your ally, not your enemy during negotiations with any landlord. Landlords know that other buildings you’re considering will most likely have to create a space plan, get construction pricing, agree on a rental rate, prepare and execute a lease document, apply for construction permits and prepare the space for occupancy. This is, at a minimum, a 4 to 6 month process. So a tenant that waits...

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Explore Your Alternatives Before Exercising Your Lease Renewal Option!

Each lease expiration should be viewed as an opportunity to explore and develop alternative space options. Only after an exhaustive search can the decision to either renew or relocate be made with confidence. Needless to say, this can be a lengthy process which should start well in advance of the lease expiration depending on the size of the requirement. If your first choice is to renew, this process will provide the much needed leverage you will need when negotiating with your current landlord. Most commercial leases typically run between 5-10 years. In well negotiated leases...

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Why You Need An Exclusive Tenant Representative

                                                                                                                              Leasing Commercial Space is a Risky Approach On Your Own… The process of securing commercial space for your organization, whether it is a new location or extending a lease in your current...

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