Commercial real estate is not a cutthroat industry, but it can be intimidating for some… especially if you’re a commercial tenant. Sometimes, it can seem difficult to determine whether you’re getting a good deal on an office lease.
There are a lot of factors to consider when finding office space for rent – from understanding the market you’re in to the structure of the lease itself. Fortunately, there are tools available that can help you.
Tenant representation is a great resource if you’re looking to rent an office or other commercial space. Tenant representation is a service provided by many brokers for the sole purpose of helping you find the right space at the right cost. Here’s why you should be using a tenant rep to find and negotiate any office lease.
It’s a broker’s business to know the local market. And this doesn’t just mean knowing the price points. In fact, there’s much more to it. Brokers don’t just analyze market data; a lot of their time is actually spent on the ground, getting to know property owners and landlords.
A good broker can help guide you in the right direction by not only finding the right property for you, but finding a landlord who works with tenants.
Enlisting a broker for tenant representation can also greatly expedite the time it takes to find a property, negotiate and sign a lease. Combining market data and on-the-ground insight, a broker can easily filter out properties that are not a good match for their tenant.
Your time is valuable. Instead of wasting it narrowing down potential sites through elimination, a broker can cherry-pick a refined list of potential properties for you.
Even if you’ve managed to find a property on your own, everything still depends on how you negotiate the lease itself. We have heard numerous stories of tenants going it alone on lease negotiations, only to find themselves over their head with cost-structuring and other terms.
A Tenant rep can negotiate a lease on your behalf. They can make sure you get a fair rate and don’t get stuck with extraneous or hidden fees.
The best part is, tenant representation is a service usually budgeted for by landlords. Tenant rep brokers are typically paid by the landlord through built in commissions, so you don’t end up owing any fees for service.