When and why do you need the services of a tenant representative.
Finding the perfect real estate solution for your business can be difficult and time-consuming, especially for providers and administrators who manage all aspects of their business. Tenant Reps help to facilitate that process by performing pertinent due diligence, finding and presenting the best property options for you during site selection, and ultimately, negotiating the most favorable terms possible for your office or business.
So your commercial lease agreement is up for renewal, and in most cases you will have received some sort of renewal notice from your landlord, indicating by how much your rent will escalate as well as the duration of the proposed renewal period. You may feel at this stage that your rates are a little high, your space is looking a little old and tired, but what are your choices?
If you are generally happy with your space, the size as well as location, then it makes more sense to remain, renew your lease and continue with the running of your organization. Here is where your tenant rep comes in. There are many aspects to consider in a renewal.
- What are the landlords proposed rentals in relation to similar buildings?
- Have they proposed an escalation and do you know what the industry norm is, taking into account prevailing conditions?
- What are the vacany rates in your area, how should that influence your Gross Rental?
- What are other spaces in your building being rented out for?
- Are their any other developments in your area that may influence your decision?
- Can I get some money to give my space a fresh new look?
Our team of property profesisonals have access to all of this information, and use it to formulate the perfect lease renewal. We will analyze the market and engage with your landlord to get you the best deal on your renewal. This will include ensuring you are in line with market related rentals, escallations and other external factors. We may also be able to arrange for the landlord to fund a minor or even major renovation of your space to help optimize and improve efficiencies of your space.
It may make better financial sense to end your lease and find a more suitable location. Your business requirements can change, your clients may have moved to different areas. There could also be a number of external factors that make relocation the better option for your business. Our team of property brokers help to facilitate this process by performing pertinent due diligence, finding and presenting the best property options for your buisiness during site selection, and ultimately, negotiating the most favorable terms possible for you.
- Site identification
- Current and upcomming vacancies
- Market rentals
- New developments
For anyone that does not specialize in commercial real estate, finding, negotiating and leasing commercial space is a tedious and challenging process. But the importance of finding the right space with terms that will work for your business both now and in the future cannot be understated, as it is one of the highest expenses for your business and has major ramifications for their success and bottom line.
Without a reliable tenant representative, tenants risk losing tens to even hundreds of thousands of dollars over the long term. The best tenant reps are knowledgeable experts in commercial leasing agreements and tenant rights— and they provide clients complete peace of mind when it comes to securing the lowest-risk strategy for their property needs.