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.
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.
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.
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?
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.
The idea that Silicon Valley is the proverbial bread basket of business innovation and disruption is finally, thankfully, squarely in the rear view mirror.
According to the 2017 Kauffman Index of Growth Entrepreneurship, startup growth is exploding nationwide – and well away from the Bay Area. That’s good news for business owners seeking affordable commercial real estate without sacrificing a chance at a potent and experienced talent pool.
However, the west coast continues to dominate the startup scene, with cities like Seattle, Portland, Los Angeles, and even San Diego (yes, San Diego) coming online and competing with Silicon Valley for the latest and greatest business ideas and innovations. There are plenty of reasons to consider each of the following cities when considering an expansion or setting up shop for your latest business endeavor, but it’s ultimately up to you to make it a reality no matter where you end up.
Despite the ever-advancing wave of globalization in this connected world, no two cities are the same. While many share similar economic and development trends to cater to new and burgeoning industries, their location, culture, and specializations tend to affect the shape of a city’s future more than any other factor – save one.
Office deals in Phoenix in the first quarter of 2018 were white hot, with a number of large sales and leases taking place. According to CBRE, the net absorption in the Phoenix office market reached 154,716 square feet with nearly 1.3 million square feet of gross absorption.
Let’s take a closer look at a few of the big Phoenix office deals that closed at the beginning of 2018.
You have found the perfect office space for your company and now it’s time to sign on the dotted line and make it official – but what things should you ensure that you have in that office lease? After the ink has dried on the lease, there is no turning back, so make sure you don’t forget these five must-haves when signing an office lease.