Tag: tenant advisor

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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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Questions to Ask Before Choosing Your Commercial Real Estate Advisor

 Choosing a commercial real estate broker/advisor to serve as your tenant representative can be a challenge. Asking the right questions can help determine whether or not a broker is a good fit for you. Here are six good ones and some guidance on what to look for. 1. Does your firm focus exclusively on tenant representation or do you also represent landlords? If the answer is “we represent both” then there is an inherent conflict of interest. To insure that your best interest aligns with that of your advisor, choose a firm that focuses exclusively on...

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The 3 Most Commonly Used Leases in Commercial Real Estate

There are 3 basic types of leases used in Commercial real estate. They are all complex documents but can be understood when you have some background about the terminology associated with each of them. The three types of leases are: 1. Gross Lease  With a gross lease, also known as a full service lease, the rental rate includes all of the operating expenses for a property, such as the utilities, maintenance, property taxes and property insurance. If these expenses increase over the term of the lease, the landlord typically passes through the incremental cost to the...

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Did I Budget For That?

If you’re planning to lease commercial space, you’ll need to be very strategic in your approach in order to get the best terms in your lease agreement. First and foremost you’ll want to start with a budget. We’ve listed some helpful #cre budgeting tips below. Rent: This is obvious but just one component of your budget. Your tenant advisor will know current rates for the particular property type and submarkets you’re considering and whether you can expect an annual increase. Moving costs: Budget for the costs associated with moving furniture and equipment, including IT, as...

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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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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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