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By: James Osgood

Coworking office space , Flexible Workspace , Manhattan Office Space , Office Leasing Tips , Office Rental , Office Space , Office Space Negotiations

Successful Negotiation Tactics for Your Office Space Lease: part 2

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When you lease commercial office space, the process included negotiating with the property owner to establish what will be contained in your lease.  Having a basic knowledge of the pitfalls to avoid and the opportunities to save money will make the task much less arduous for you.

While landlords are reticent to lower rental rates, stating that the property is valued high and has a high level of prestige and lender requirements must be met, there are other costs embedded in the lease that are open for negotiations. Include a well-qualified tenant representative in all phases of negotiations. In fact, the tenant rep may be the person who located the perfect property for you.

Once you’ve worked your way through the office space location process and located the office space that best fits our needs, your tenant rep will send the landlord a letter of intent. This is a non-binding statement that tells the landlord what space you want to rent and how much you want to pay. While other elements are included in this letter, they are all open to negotiation.  This letter may end up being revised several times after going back and forth with the landlord to reach an acceptable agreement.

Office Lease Term: The length of time you wish to lease the office space can be anywhere from one year to a decade or more. The basic lease probably states a specific office lease term, perhaps five years, but you can required that period be changed to suit your needs. If you are planning to do a lot of improvement to the property, you may want a long lease, whereas if you are a growing company, you may want a much shorter lease to allow you to readily move into larger office spaces if needed in a few years. Be sure the terms regarding lease renewal are also clearly stated.

Beginning Lease Date: Sometimes commercial office space requires major construction or tenant improvements before you move in and begin doing business from that location. Be sure that you don’t have to begin paying rent until you occupy the space.

Rental Incentives: Some commercial office spaces offer rental incentives such as one or more months rent free upon signing a lease of a specific duration. Even if no rental incentives are advertised in the office space listing, you may be able to negotiate some incentive by simply asking the landlord. If the building is completely occupied except the space you are considering leasing, then it is less likely that the landlord will give this concession, but if the building needs occupants, the landlord may be very flexible about offering incentives to establish you business in that location.

Offie Space Tenant Improvements: Another concession sometimes offered by a landlord to new tenants is an allowance to make changes to the office space layout. Your tenant rep will be a big help in negotiating changes to the office space. Perhaps you want interior upgrades, parking lot improvements, or other changes, you want to include these requests in your letter of intent and discuss them at length with the landlord. You may find that the landlord will pay for all improvements in order to get a long term lease established. The landlord might give you an allowance and ask that you bear part of the expense; this makes negotiating this area particularly sensitive because you want to get the improvements at little or no cost to you. If there are no improvements needed, use this fact to help negotiate a period of free rent instead.

Exclusivity Clause: Some types of businesses find it important to avoid having a competing business in the same area as their operation. You may negotiate with the landlord to guarantee that a business of the same type as yours will not be allowed to rent in the same building. If the landlord owns a large area of building near your office, you may even be able to establish that no competing business will be allowed to rent from the landlord in a specific radius. This often applies to businesses that sell specific services or provide retail products.

These are just a few ideas on areas in which negotiations are possible, but there can be a wide range that vary from market to market. Obtaining the services of a qualified Tenant Represenative, as OfficeFinder Members are, will ensure that you can take advantage of all possible negotiation opportunities. Remember, Tenant reps do this every day, while you do it a the most every few years. There is no cost to you to have one represent you. It is already built into the cost of the space whether you take advantage of it or not. Use our short form to request assistance to find a qualified tenant rep you can work with.

By: James Osgood

Office Leasing Tips , Office Relocation , Office Rental , Office Space Negotiations , Tenant Representation

Successful Negotiation Tactics for Your Office Space Lease: Part 1

When you lease commercial office space, the process included negotiating with the property owner to establish what will be contained in your lease.  Having a basic knowledge of the pitfalls to avoid and the opportunities to save money will make the task much less arduous for you and your tenant representative.

While landlords are reticent to lower rental rates, stating that the property is valued high and has a high level of prestige, there are other costs embedded in the lease that are open for negotiations. Include a well-qualified tenant representative in all phases of negotiations. In fact, the tenant rep may be the person who located the perfect property for you.

Once you’ve located the perfect office space, the tenant rep will send the landlord a letter of intent. This is a non-binding statement that tells the landlord what space you want to rent and how much you want to pay. While other elements are included in this letter, they are all open to negotiation.  This letter may end up being revised several times after going back and forth with the landlord to reach an acceptable agreement.

Lease Term: The length of time you wish to lease the office space can be anywhere from one year to a decade or more. The basic lease probably states a specific lease term, perhaps five years, but you can required that period be changed to suit your needs. If you are planning to do a lot of improvement to the property, you may want a long lease, whereas if you are a growing company, you may want a much shorter lease to allow you to readily move into larger office spaces if needed in a few years. Be sure the terms regarding lease renewal are also clearly stated.

Beginning Lease Date: Sometimes commercial office space requires major construction or tenant improvements before you move in and begin doing business from that location. Be sure that you don’t have to begin paying rent until you occupy the space.

Percentage Rent: Some leases contain a clause regarding percentage rent, meaning that once a business opens and their sales reach a specified point, a percentage of the gross sales go to the landlord, increasing the overall cost of rental. Depending on the type of business you operate, you may wish to ask your tenant rep to help you negotiate this clause out of the lease or at least make sure that you will have met the specified goal for 12 months before paying any percentage charge. This clause is more likely to impact retail businesses and service or manufacturing operations.

Rental Incentives: Some commercial office spaces offer rental incentives such as one or more months rent free upon signing a lease of a specific duration. Even if no rental incentives are advertised in the office space listing, you may be able to negotiate some incentive by simply asking the landlord. If the building is completely occupied except the space you are considering leasing, then it is less likely that the landlord will give this concession, but if the building needs occupants, the landlord may be very flexible about offering incentives to establish you business in that location.

Tenant Improvements: Another concession sometimes offered by a landlord to new tents is an allowance to make changes to the office space layout. Your tenant rep will be a big help in negotiating changes to the office space. Perhaps you want interior upgrades, parking lot improvements, or other changes, you want to include these requests in your letter of intent and discuss them at length with the landlord. You may find that the landlord will pay for all improvements in order to get a long term lease established. The landlord might give you an allowance and ask that you bear part of the expense; this makes negotiating this area particularly sensitive because you want to get the improvements at little or no cost to you. If there are no improvements needed, use this fact to help negotiate a period of free rent instead.

Exclusivity Clause: Some types of businesses find it important to avoid having a competing business in the same area as their operation. You may negotiate with the landlord to guarantee that a business of the same type as yours will not be allowed to rent in the same building. If the landlord owns a large area of building near your office, you may even be able to establish that no competing business will be allowed to rent from the landlord in a specific radius. This often applies to businesses that sell specific services or provide retail products.

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By: James Osgood

Lease Negotiations , Office Rental , Office Space Negotiations

Office Space Leasing Is Not A “Do It Yourself” Project

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People often think office space leasing is not much different than renting a condo, apartment or house. Having leased residences in the past, the business owner may think that doing it alone is the way to go. This can be a huge mistake!

You are an expert on your business, but you don’t often deal with leasing office space. Probably no more often than every three to five years has your business grown to the point you have rented larger office space or have decided to go for a better location. Landlords are experts on leasing office space because they do it all the time. You need an expert in office space leasing on your side, too. Choose a well-qualified tenant representative to allow you an even playing field with negotiations.

Do not think that involving an office tenant representative in the office space leasing process will cost money and result in paying more rent. This is a complete misconception. In fact, the cost of services of a qualified tenant representative is normally included in the asking price whether you choose to use the services or not.

When negotiating an office space lease, an office space tenant rep will save you money and make certain you don’t make any costly mistakes. The confusing verbiage of the lease can easily be explained by the tenant rep of your choice. After all, the landlord most likely has a commercial broker listing agent to represent him or her. The landlord’s agent will try to ensure the landlord gets the best price for the property possible. Why shouldn’t you have a qualified tenant rep by your side as you enter into negotiations for an office space?

Even if you already occupy a great office space, when it comes time to renew the lease, your tenant rep can help you get the best renewal lease possible. If you are considering vacating you current office and moving into another location, a good tenant rep will help you locate the perfect space and help you negotiate the new lease.

Entering into negotiations with a tenant rep will save you money in several ways. The office space leasing process is quite complex and often confusing. The decisions you make will impact the price you pay each month for the space in which your business resides, resulting in an impact on your profits. The numbers and line items in the lease can be translated by the tenant rep into simple language you can understand, allowing you to make sound decisions during negotiations.

The knowledge and experience of the tenant rep allows him or her to have a grasp of current asking prices and lease incentives. With the guidance of an expert tenant rep, you have the subtle leverage you need when negotiating the lease and any changes you find necessary such as tenant improvements. Also, the tenant rep will make sure you have the documentation you need to protect yourself and your business during the duration of your lease.

Going it alone in the office space leasing process simply doesn’t make sense when there are qualified tenant representatives available to help you and it won't cost you to obtain their services. There are a few questions you need to ask when choosing the right tenant rep for your needs:. These include:

  •    Can you commit the time necessary to work with me on negotiating the lease?
  •    Do you primarily ask as a tenant advocate as opposed to a real estate listing agent?
  •   Are there any potential conflicts of interest if we work together on this negotiation process?
  •   What experience do you have in negotiating leases such as the one I am considering?
  •   During the last 3 years, how many tenant representation transactions have you handled?
  •   What is your philosophy on office space lease negotiations?
  •   Do you enter into an Exclusive Representation Agreement when working with a tenant?
  •   How will you be paid? What commission do you expect to earn?
  •    What if I am not happy with your services?

If you want to lease the perfect office space and pay as little rent as possible while enjoying the maximum benefits and incentives, do not attempt to negotiate without a tenant rep’s involvement. The tenant rep’s job is to ensure your interests are protected and get you the best possible deal. It just makes good sense to have a local commercial broker who has an excellent reputation for helping get tenants the best possible lease benefits to assist you with the office space leasing process. Commercial property leases are simply not “Do It Yourself” projects; Office Finder services are readily available to provide the expert experience you need

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Top 3 biggest mistakes office tenants make (on SlideShare.net)

Lease Negotiations , Office Leasing Tips , Office Rental , Office Space Negotiations , Tenant Representation

Office Space Market Recovery Slow but Steady

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Occupancy, Absorption Levels Hold Steady as Market Indicators Find Recovery Continuing at Slow but Steady Pace despite election jitters.

Demand for office space in the U.S. remained steady in the third quarter as leasing activity and absorption of available office space continued to pick up momentum following a lackluster start at the beginning of 2012, CoStar Group reported this week in the company's Third-Quarter 2012 Office Review & Outlook. 

The overall U.S. office vacancy rate edged down and net absorption rose to 15 million square feet during the quarter from 13 million square feet at mid-year 2012. The relatively little new office supply and continued low levels of new office construction supported the balance in supply and demand.

Meanwhile, office tenants continued to enjoy a 'holiday' from rent increases as office rents in most market have yet to budge much from their market trough tipping point, according to analysts for Property and Portfolio Research (PPR), CoStar’s analytics and forecasting division. 

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Office Space , Office Space Negotiations , Office Vacancy Rate