Perhaps you operate a small start-up business that has outgrown your home office. Maybe your company is mid-sized and is growing out of the commercial office space you occupy. Or, you may head a large organization that needs an additional facility to support a new contract. Whatever your situation, you’ve realized that you need to lease a commercial office space.
You’ve begun the search for space. You may have used an online commercial office locator such as Office Finder or you may have search by driving by empty facilities. Whatever method you used, you’ve found the perfect location that suits your every need. It has location, location, location, plenty of parking for employees and customers, good security, and you have decided it is the spot for your organization whether large or small.
Now you are ready to negotiate the best lease possible. The lease negotiation process is much like visiting a foreign country where you do not speak the language. You might walk into a restaurant, thinking you ordered chicken and be served fish.
In order to obtain a lease for the commercial office space, you need an experienced guide who will have your best interest at heart and who has negotiated many successful leases in the past. A lease broker is a necessity. It’s a sure bet that the landlord or property management company offering the lease has plenty of experienced assistance to help them get the advantage. So, protect yourself by following some important processes that can help you negotiate successfully.
In this series of posts we will look deeper into the necessary processes and step:
The Basic Process: In this process we will look into reading the standard commercial office space lease initially offered by the landlord and spotting the points that require negotiation.
The Team you Need on Your Side: Here we will look at choosing a Lease Broker, Space Planner, and Legal Counsel if needed. We’ll determine why this team is needed and what each party will do to help you negotiate the lease.
When Disaster Hits: - What terminology does the lease contain regarding damage, whether caused by you or by an act of nature and who is responsible for what costs. You really want to ensure you protect yourself and your organization when the totally unexpected occurs.
Financial Analysis: How and why do you need to do a full financial analysis on what it will really cost you to lease the commercial property? The results may surprise you and negotiation points will be revealed that are not apparent by simply reading verbiage in the lease.
Relocation Clause Protection: What happens is your outgrow the office space before the lease ends? What happens if you need to relocate due to property condemnation or any other reason?
Tenant Improvements Allowances and Permissions: This important leasing process determines what tenant improvements will be permitted and who will pay for what. This negotiation point can cost you thousands of dollars if not addressed property. Learn how to get the best lease options in this area.
The Devil is in the Details: The fine print can be difficult to understand but is just as important as any other process of commercial lease negotiation. What details should you and your lease broker discuss in detail and how should they be negotiated to protect your unique interests?
The Final Step, Lease Signing: After negotiating the best commercial office space lease for your organization, it is at long last time for you and your lease broker to sit down at the table with the landlord and his or her team and sign the legal documents after a final review.:
By: James OsgoodLease Negotiations , Office Leasing Tips , Office Rental , Office Space , Tenant Representation