Tenant Representation

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Commercial Real Estate Owners….   Are You Prepared for the End of the Cycle?

Commercial Real estate is cyclical. No one can predict exactly when the economy will tip into the next recession, but most experts agree we’re in the later stages of this current cycle. The question commercial real estate owners and operators should be asking themselves is not when the next downturn will hit, but are they prepared for it when it does? Now is the time to take advantage of what’s left of the good times, while money is relatively cheap, vacancies are low and rents are high to prepare for the inevitable downturn. Here are some...

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Commercial Real Estate Owners…. Are You Prepared For the End of the Cycle?

Commercial Real estate is cyclical. No one can predict exactly when the economy will tip into the next recession but most experts agree we’re in the later stages of this current cycle. The question commercial real estate owners and operators should be asking themselves is not when the next downturn will hit, but are they prepared for it when it does? Now is the time to take advantage of what’s left of the good times, while money is relatively cheap, vacancies are low and rents are high to prepare for the inevitable downturn. Here are...

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Your Building’s Been Sold. Now What?

If you occupy a building that’s been sold, be aware of the following changes. When your building sells to a new owner, an immediate change that can happen is that you will have a new property manager. If this happens you’ll be notified of the change of address under the notices provision of your lease. All rent payments and correspondence will need to go to the new landlord or landlord agent. However, your lease terms do not change under new ownership. Your lease is a legally binding document until it expires. Before the sale finalizes...

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How to Craft a Flexible Lease

Even if you have a clear vision for your company and a smart strategic plan to help you get there, the future is unpredictable. The office space that’s ideal for your needs today could end up being a less-than-perfect fit before your lease expires. Making your office lease as flexible as possible is a way to hedge against this unpredictability. Here are a few of the ways that you can create a more flexible lease: Consider a Shorter Term “Short-term” lease is a relative term. For a tech startup it might mean month-to-month. For an...

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Looking for Office Space? Follow These Tips

Whether you’re looking for your first office for a start-up, are opening a second office or need to relocate, the idea of finding the perfect space can be overwhelming. To simplify the process, follow these tips as you begin to consider office spaces. 1.  Start with Location Before you start looking for new office space consider what you need at your new location. Is it advantageous to be in a part of town where businesses similar to yours are located? Do you need to be close to clients or others you do business with? Without...

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Relocating? 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 who...

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WATCH OUT!…THE DEVIL’S IN THE DETAILS

The Restoration Provision When reviewing a multipage, landlord-centric commercial lease it’s easy to get glassy-eyed and often overlook seemingly harmless language. The restoration provision, usually tucked away under the Surrender of Premises Clause in your lease, is a perfect example and could be a potential tripwire hiding in plain sight. It’s a legal obligation for a tenant to restore, at the landlord’s request, the premises back to the condition it was in before you moved in or remove alterations and improvements as the landlord sees fit. This could be a very expensive parting gift to your...

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When Evaluating Office Space, These Five Metrics Still Matter

While just about every tenant still looks at square footage and price, metrics like LEED rating, amenity package and transit access are becoming more important. However, looking at these newer metrics while ignoring classic office metrics can be a recipe for a space that works on paper but doesn’t quite fit in the real world. Here are five office metrics that you should still be considering — even if no one else is talking about them. Glass Line One of the hot buzzwords in office space is “natural light.” Outside light improves employee health and...

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Commercial Real Estate Lease vs. Purchase

The purchase side of the lease vs. purchase equation usually comes into play when your company’s needs are fixed and predictable for the long term. If you know that your needs won’t change for at least a decade or more, purchasing can be a good option. It gives you total control over your space and a great deal of certainty over cost and what you can do with the space since, after all, you own it. Is it best to lease or purchase commercial space? The type of business you have, your future goals, your...

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