The Unique Requirements of Leasing Medical Space

Physicians and medical offices have unique space requirements and compliance issues. They don’t usually move or relocate as often as other commercial tenants. Hiring a broker familiar with these requirements is a necessity for the medical profession. The tenant representative understands how to structure the lease agreement to fit the unique needs and compliance requirements of the healthcare provider. Listed below are some of these issues. Medical use issues: Medical tenants use hazardous materials and generate bio medical waste. Toxic radiation is generated from x rays, scanners and other machines. A tenant representative can ensure the medical professional is compliant…
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Benefits Of A Sublease

Finding ideal office space is time-consuming and costly. If you’re faced with a situation where you need to find space quickly, don’t overlook subleasing. A sublease may be the perfect short-term option and may well turn out to be a longer term solution. Listed below are several advantages to sub leasing office space. Sub leases are Short-Term - One major benefit of a sublease is that it's generally a short-term lease. This allows a company the flexibility of moving somewhere but not committing themselves long-term until they have a better handle on whether the amount of space, the location, the…
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Commercial Lease Extension Clause Tips

Searching for commercial office space to rent is a vastly time consuming and costly job. Once you find the perfect space for your company, what if you decide you don’t want or need to move at the end of your lease? That’s why it’s imperative to negotiate a fair lease extension clause in your commercial lease. The following tips will help you do that. Analyze your needs The language in the lease extension clause allows you to renew your lease when it expires if you don’t want to move. When you go to negotiate have an idea of how long…
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What’s The Best Fit – Class A or Class B Buildings?

In metropolitan areas across the globe, commercial buildings have classifications. One building is considered a Class A building while the building down the block is a Class B building. Why is that? The differences between Class A buildings and Class B building can be found in the rating system established by the Building Owners and Managers Association International (BOMA.) These ratings establish the terms where brokers, tenants, landlords and analysts are speaking the same language about the quality of available office market spaces. Following is some general information about what defines a Class A and Class B building to help you…
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The Building You Occupy Has Been Sold. Now What?

Here are some things you need to know if you occupy a building that’s been sold. An immediate change that may 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 to sign an…
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Tenants Need To Know – Who Pays For That?

Typically when leasing office space, most contracts will require that the tenant pays for most, if not all, building operating expenses. However, tenants should not have to pay commissions, improvement costs or depreciation among other things. We found a comprehensive list of those and other items you shouldn't have to pay for at the Ruminations blog. Check it out! In order to protect your interests in lease negotiations, consider engaging howardcommercial. We know the ins and outs of the real estate transaction including all the provisions contained in a lease agreement. A real estate lease is complex legal document with…
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Commercial Real Estate Dual Representation

What is 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 solution at the…
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The Value of an Experienced CRE Broker

Selecting the right office space is one of the most important decisions a business owner can make. It’s crucial to have an expert commercial real estate broker to guide you through the process. A commercial real estate professional, exclusively representing your interests, will not only  handle every detail of the transaction but they will also provide invaluable insights, connections and business support that will ultimately benefit both your top and bottom line. Access to In-Depth Market Knowledge There are a multitude of places your business could call home. Experienced brokers make it part of their job to be in constant communication with…
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How Much Time Do I Need To Find New Space?

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. A tenant who waits until there are only six months…
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You’re Joking, Right?…We Have To Do What?

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 landlord should they exercise…
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