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The biggest mistake made by tenants looking for commercial office space is not engaging the services of a tenant representative; thinking it will cost them money. It doesn’t. A good tenant representative, like the ones we have at OfficeFinder, is invaluable in making sure you find the right alternative, negotiate the best possible deal and avoid costly mistakes. They do this every day and only get paid when you get what you want. And you don’t even have to pay them. It costs you nothing. Most Landlords hire listing agents and the tenant rep will share in that fee. If there is no tenant rep, the listing agent keeps the entire fee and you are on your own. Tenant rep services will save you money by making sure you do it right with solid information and advice.
Many tenants don't understand what a good office tenant representative does. A tenant rep does more than just find office space. A good tenant rep will coordinate the entire office leasing process from helping you define your needs all the way to ensuring your space plan works for you. In between, an office tenant rep will not only find suitable alternatives, help you negotiate the deal, but also help with information, advice, space planning and lease review.
Here are just a few of the many comments from businesses who have taken advantage of using an OfficeFinder tenant rep:
Our OfficeFinder rep did more than I ever thought that this free service would. I hope that this man gets a Raise. He really went above and beyond the call of duty. I thank him very much.
Elizabeth M. Palmisano - Phoenix, Az
The amount of information I received and the professionalism of our OfficeFinder rep was astounding. His knowledge and understanding of what I needed was overwhelming. He will always have my business, and I have no need to recommend anyone else.
Chris Van - Level 7 Productions - Los Angeles, Ca
I have never rated anyone at this high of a level but Jeff, our OfficeFinder Rep is exceptional. I don't know how he could exceed the level of service he has provided for us. I will not only recommend him to others, I will look for opportunities to recommend him.
Michael Shovlain - New Life Outpatient Center - Davenport, Ia
Thanks for your follow up. Our OfficeFinder rep has been extremely helpful in assisting us to find the proper offices over the last several months. We are now in our new location and I frankly don't know how we would have done it without him.
Jenny Makakoa - Xinify Technologies, Inc - San Ramon, Ca
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Lease Negotiations , Office Leasing Tips , Office Relocation , Office Rental , Office Space , Tenant Representation
You’re an entrepreneur who’s excited to start up or grow your business. However, although it’s tempting to work from home, you realize you want a corporate location that doesn’t include kids’ toys and a laundry room. But where can you find office space for lease quickly and easily?
Ironically, finding office space is as easy as heading to your computer! In the age of the Internet, small business people like you can locate office space all over the world with just a few strokes of the keyboard. Of course, you first have to make a few decisions in order to expedite your office space finding experience:
1. Determine where you want to work.
Are you going to look for office space in your hometown or are you willing to commute to a neighboring city? It’s important to think about what type of work you do when considering this. For instance, if you’re going to host many clients at your office space locale, you’ll want to pick a place that’s convenient for them (rather than convenient for you.) If you’re not planning on having many on-site client meetings, a more out-of-the-way office space may be acceptable.
2. Figure out how much office space you need.
Will 200 square feet be enough for you? How about 500 square feet? Or do you need much more? If you’re not certain what such a space looks like, it’s easy to map it out at home. Just pick a rectangular-sized room and measure the walls in feet. Then, multiple the long side by shorter side. Thus, a 12 foot by 10 foot living room would be 120 square feet. A rule of thumb for conventional office space is about 200 square feet per person. To get a better idea, try our office space calculator or visit our space standards page.
3. Decide if you want to share an office space with someone else.
If you’re not in competing businesses, sharing office space can make a great deal of economic sense, especially for entrepreneurs. For example, you could potentially purchase a larger office space than either of you could afford individually as well as share the costs such as heating and electric. Additionally, you might be able to eventually share a receptionist. Executive Suites and virtual offices are also an option.
4. Determine what kind of office building in which you’d like to work.
Are you the type of person who likes to work in a corporate office space? Then you’d probably do well in a large building that was built specifically for commercial offices. On the other hand, if you’re looking to have a “homier” atmosphere for your business, you may want to seek out a nontraditional office space, such as one that’s part of what used to be a Victorian home or a red brick schoolhouse.
5. Figure out what your budget is.
Finally, before you start looking for office space, you’ll need to figure out how much you can reasonably afford. It’s always a good idea to take this step before ever jumping on the web to look for a location for your business. That way, you won’t be tempted to incur more debt than you can actually afford. our office market information in the OfficeFinder Local can help get you familiar with what is happening in your market.
6. Get professional assistance.
There are agents who specialize in representing small businesses like yours find the right office space and make sure you avoid mistakes. Using a tenant representaive won't cost you anything. All the fees are paid by the landlord. OfficeFinder is a good place to start with local reps inover 550 markets.
Remember – if you need an office space, it’s as easy to find as your keyboard and mouse!
More information the Office Leasing Process
Office Leasing Tips , Office Relocation , Office Rental , Office Space , Tenant Representation
After years of property owners conducting due diligence on the financial wherewithal of their tenants, commercial real estate agents say corporate clients are turning the tables when it comes to financial scrutiny.
With commercial real estate values down by as much as 40 percent nationwide and the number of foreclosures still growing, tenants in the market for new space now often conduct the kind of financial background checks of their new landlords they once might have been more likely to face themselves.
Dick Cassetti, a local commercial broker who does mostly tenant representation work, understands firsthand why.
Cassetti said one of his clients has given its landlord an April 6 deadline to make good on a promise related to tenant improvement money the client says it never received.
“Any large tenant of 20,000 square feet or more would be foolish if they could not get representations and guarantees that (their landlord) has money in the bank,” Cassetti said. “If the landlord is not willing to escrow the funds promised to the tenant for the build-out, then I as a tenant would look for a different landlord.”
It’s a very different reality from five years ago during a real estate boom, when such measures by tenants were relatively rare.
The motivations for tenants stem from the negative trends in real estate finance...
Read more: Pittsburgh Business Times
This office leasing issue is not exclusive to Pittsburgh. Office space tenants around the world need to check on the ability of their prospective landlords to perform. How do you go about it? The best way is to have an office space tenant rep by your side to guide you. They deal with these issues day in and day out. They protect you and make sure you avoid costly mistakes. Their services are free to you. It is a no lose proposition.
A previous post that is pertinent to this issues is Protecting Your Businsess
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Lease Negotiations , Office Rental , Office Space , Office Space Negotiations , Tenant Representation
It's crucial to understand from the get-go that, practically and legally speaking, there are oceans of differences between commercial leases and residential leases. Commercial leases are not subject to most consumer protection laws that govern residential leases - for example, there are no caps on deposits or rules protecting a tenant's privacy. Keep in mind that besides the amount of the rent, other less conspicuous items spelled out in the lease may be just as crucial to your business's success. For instance, if you expect your shoe repair business to depend largely on walk-in customers, be sure that your lease establishes your right to put up a sign that's visible from the street. And if you are counting on being the only sandwich shop inside a new commercial complex, make sure your lease prevents the landlord from leasing to a competitor.
The following checklist includes many items that are often addressed in commercial leases. Pay special attention to a few of the terms, including:
- rent, including allowable increases and method of computation
- security deposit and conditions for return
- length of lease - also called the lease term
- whether the rent you pay covers utilities, taxes and maintenance - called a gross lease; or whether you will be charged for these items separately - called a net or, if the tenant must cover three additional costs, a triple net lease
- whether there's an option to renew the lease
- if and how the lease may be terminated, including notice requirements
- what space is being rented, including common areas such as hallways, rest rooms and elevators
- specifications for signs, including where they may be placed
- whether there will be improvements, modifications or fixtures - often called buildouts - added to the space, who will pay for them and who will own them after the lease ends
- who will maintain the premises
- whether the lease may be assigned or sublet to another party
- whether disputes must be mediated or arbitrated as an alternative to court
Source: Inc Magazine
Commercial Real Estate , Lease Negotiations , Office Leasing Tips , Office Rental , Office Space , Office Space Negotiations , Tenant Representation
Although this article is a few years old, it still stands the test of time. While this is good information, there is no substitute to assistance from a good tenant representative. That's what we do every day. To top it off, there is no cost to you for the services of your own representative. Landlords invariably have a listing agent under contract. The tenant representative represents you, but shares in the listing agents fee. It's win-win for you.
Find a Tenant Representative to find the right space ant the right price without the hassle. Avoid costly mistakes and get the best deal possible.
With all of the available office space available throughout the country And the economy still in the dumpster, many business are looking towards subleasing as a way to save money on their office rent. In almost every case a tenant can save anywhere between 10% and 50% off the current market rents through a sublease. It sounds like a good deal and in many cases it is, but as in all investments the return (savings) is related to risk. Subleasing space is a risky proposition. One in which it is very important to have a qualified expert assisting you to make sure you avoid costly mistakes or even worse, potentially cause your business to go under.
What are the risks?
First and foremost, what happens if the former tenant sub-landlord goes bankrupt? Most leases have a clause in them cancelling the lease or giving the landlord the right to cancel the lease if the tenant declares bankruptcy. If this happens and you do not have any protections, you will either be out on the street or paying higher rents.
What happens if you are paying rent to the former tenant sub-landlord, but they are not paying the landlord the full amount of the rent due? They are in default of the lease and therefore you are too. What happens if the landlord decides to give them the boot? Will you be able to stay in the space at the same rate you are currently paying? There is no guarantee that your sub-landlord will fulfill their obligation to pay the remainder of the rent or even the rent you pay to them to the landlord.
Although rare, hazardous waste can be another issue, especially if there is land involved. If your sub-landlord caused any hazardous waste, you could find yourself liable to clean it up. Cleaning up hazardous waste is not cheap.
There are ways to protect yourself when you are subleasing office space, but each sublease brings on different nuances that will need to be handled uniquely. A good real estate professional, such as the ones we have with OfficeFinder, will be able to mitigate the risks for you through a number of different means. The most important one would be a no-disturbance agreement signed by the Landlord and notarized. Not all landlords will agree to one, so other means of protection will need to be developed.
If you decide to sublease office space, make sure you protect yourself by partnering with a qualified real estate professional. You will be glad you did.
Office Relocation , Office Rental , Office Space , Office Space Negotiations , Sublease Office Space