Exclusive Broker Agreements: What Are They and Why Do They Matter

Looking for commercial office space is a tedious process. Tenants are rarely equipped to handle the complexity and scope of the commercial real estate world, which is fraught with technical terms, lengthy negotiations, and stacks of paperwork. That’s why tenant brokers exist. With their expertise and knowledge of the local market, they provide an invaluable asset to potential tenants before, during, and throughout the length of a commercial real estate lease. And at no upfront cost to the tenant, there’s little reason not to take advantage of their experience and insights.

But once you begin your search for a reputable tenant broker, you’ll be faced with the prospect of entering an exclusive broker agreement with a commercial broker. As with any formal agreement, you’ll want to carefully weigh your options before making your decision.

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

A Complete Guide to Touring Office Space

Whether you’re facing a much-needed expansion or simply searching for your first permanent office space, tenants would be better equipped with a list of detailed questions for each space rather than going in blind. Furthermore, knowing a few important tips about the commercial real estate world will help you gain a better understanding before your broker sets up tours on your behalf.

Once your commercial real estate agent concludes their market evaluation of potential spaces, the next step is to schedule walkthroughs and tours with the landlord’s representative.

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

Explaining Tenant Improvement Allowances and How to Negotiate the Best Deal

Every lease agreement will contain a section for tenant improvement allowances – a set amount allocated by the landlord for build out, retrofit, or new construction to suit the new tenant’s needs. The amount provided is dependent on various factors, including length of lease, overall cost, and size of the tenant’s company, but prospective tenants have a few opportunities at the negotiation phase to better determine who will pay for necessary upgrades and retrofitting required before you take possession of the property.

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

Examining the True Costs of Opening a New Restaurant

Opening a restaurant is a costly endeavor to say the least. With so much volatility in the market and no guarantees that your establishment will take off with your intended audience, it can feel like an uphill battle before you even start the initial planning process for a new restaurant. Are you simply revitalizing a previous restaurant that’s already built out with a full kitchen, gas, and electrical capabilities? Or are you transforming a new space to suit your needs, requiring architects, designers, general contractors, electricians, and plumbers? What’s the restaurant market like in your city, and how expensive are the professionals you’ll need to bring onboard to get started?

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

A Complete Guide to Leasing a Restaurant Space

An endeavor into the restaurant business is, needless to say, a challenging one. Establishments come and go like the direction of the wind, leaving business owners reeling and skeptical. Despite these challenges, finding the right location in the right neighborhood will reap major benefits for a restaurant owner of any experience level.

Before you start searching for the ideal spot, there are some things you need to know about leasing a restaurant space. This guide will transform any aspiring restaurant owner into a well-equipped and savvy commercial real estate expert so you and your partners can find the perfect location for your dream establishment.

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

How to Choose the Right Tenant Representation Broker

Finding the right fit in a commercial real estate lease is a challenge unto itself. Aside from researching, budgeting, and planning for an office move or expansion, there’s the lengthy and sometimes stressful endeavor of negotiating lease terms and what you’ll be responsible for paying on a monthly basis.

An effective strategy is to work with a tenant representation broker to help alleviate the stresses of locating the proper space and negotiating the best possible terms for you and your company. But finding the right tenant rep broker can be an overwhelming process to some. With a wide array of qualified, capable brokers in the real estate market, it can be difficult to decide which broker is the best fit for your situation.

Some tenant rep brokers have different specialities, relationships, and qualities that set them apart from one another. Certain tenant rep brokers work strictly within the boundaries of the local market, leveraging personal relationships and neighborhood know-how, while others have the support system that comes with a national brokerage.

To help you navigate the process, we’ve assembled this guide to answer common questions, provide you with a list of things you should ask a potential tenant rep broker, and allow you insights into how a tenant rep broker can benefit your company.

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

A Simple Guide to Calculating Operating Expenses for Office Buildings

When considering a commercial office space lease, it’s important to carefully investigate any non-rental costs, what’s included in your rental agreement, and what you’re going to be responsible for on a monthly basis. While many commercial leases are likely to be triple net leases (in which the tenant is responsible for operating expenses on a pro rata basis in addition to the rental fee), these leases can be extremely varied and up to negotiation, leaving many tenants largely in the dark as to how much they can expect to spend each month.

In more popular and competitive markets, the operating costs can be as much as half of your base rental fee per square feet – and even higher in more concentrated downtown, financial, or business districts.
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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

Explaining the Various Types of Commercial Real Estate Leases

Signing a commercial lease agreement

When it comes time to expand your business to your first office or upgrade to a more suitable location, there’s plenty to worry about. Budgetary concerns, logistics, and ensuring continuity of business during the relocation are all crucial elements. Before you consider how you’ll move, you should investigate your commercial real estate lease options to ensure your company enters into the right agreement for the right stage of your business.

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

Navigating the Commercial Real Estate Lease Process

An agreement between a business and a landlord is defined as a commercial real estate lease, with each agreement coming with its own restrictions, stipulations, and features that are negotiated during the final signing process. But before the ink is wet and you start calling moving companies, new and first-time business owners learn quickly that signing a commercial real estate lease can be a complex and lengthy process – especially if you’re operating in a competitive city or market.

Before you begin your search, you’ll need to be equipped to handle the ins and outs of the entire process from start to finish to find the right commercial real estate lease that fits the needs of your business and your budget.

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.

7 Considerations When Negotiating an Office Lease Renewal

Negotiating an office lease

Hovering over your office real estate lease is always one thing: the lease renewal. Unlike residential leases, landlords will approach commercial leasees with proposals months in advance of the renewal date. Like residential leases, the terms for the renewed lease include a common element: higher rates.

What most businesses don’t understand, however, is that their fate is entirely in their own hands. Companies don’t have to simply bite the bullet and accept the higher rent conditions; instead, with savvy negotiating tactics and a few tips, you can often find middle ground with your existing landlords – or hunt for new space until the lease expires. Here’s what you and your team should keep in mind when it comes time to negotiate a commercial real estate lease renewal with your current landlord:

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John is the VP of Sales at OfficeSpace.com where he leads broker relations and sales. Prior to being VP of Sales, he was the Regional  Director for the company. John has over 25 years of experience working in the commercial real estate industry. Before OfficeSpace.com, John was a commercial real estate broker for the Norman Company in Seattle, WA.