The Biggest Mistakes that Startups Make When Leasing Office Space

As a business grows and expands, it’s easy to begin imagining moving into a larger, more permanent space. This is especially attractive for the startup crowd, which romanticizes the “build it in your garage” mentality while striving for the authenticity of a physical, professional office.

But moving too quickly – even in the startup phase – can have serious repercussions on your business that could hinder your growth and agility for years to come. That’s why it’s so important to consider your options and avoid the pitfalls that plague startups who choose to lease a commercial office space too soon or otherwise overextend themselves in the early stages.

Continue reading “The Biggest Mistakes that Startups Make When Leasing Office Space”

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.

Coworking Space vs Traditional Commercial Leases: Finding the Best Fit for Your Needs

When you’re a small business owner, you look for every possible advantage. There are no shortcuts to success, but with the dawn of shared or coworking spaces in larger cities where commercial real estate comes at a premium, it makes sense to consider your options – until you outgrow them.

Finding traditional office space isn’t a cakewalk and costs of upkeep, overhead, and utilities can shrink a small business’ already tight budget. But coworking spaces have their drawbacks, too. Reduced privacy, limited access to conference and meeting rooms, and the fact that you’re sharing with others outside of your organization may result in a credibility hit.

If you’re trying to choose between a coworking space and a traditional office lease, you’ve come to the right place. Each solution comes with pros and cons that should be closely investigated before moving forward on a new place to set up shop.

Continue reading “Coworking Space vs Traditional Commercial Leases: Finding the Best Fit for Your Needs”

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.

Commercial Real Estate Letters of Intent: Everything You Need to Know

After you’ve done your research, worked with your tenant representation broker, participated in site tours, and figured out your budget, the perfect commercial real estate property is finally in your sights.

Unlike most residential real estate deals, commercial real estate is complex, complicated, and often progresses at a glacial pace. Existing tenants may need time to vacate. Major systems will need maintenance and upgrades. Build-out details will need to be verified and finalized. But until the ink is dry, prospective tenants don’t want to let a suitable property pass them by.

The answer? A signed Letter of Intent (LOI), declaring your formal interest in purchasing or leasing a commercial real estate property.

Continue reading “Commercial Real Estate Letters of Intent: Everything You Need to Know”

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.

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.

Continue reading “Exclusive Broker Agreements: What Are They and Why Do They Matter”

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.

Continue reading “A Complete Guide to Touring Office Space”

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.

What to Consider When Moving Into A New (Or Your First) Office [Infographic]

Infographic of What to Consider When Moving Into A New (Or Your First) Office

Moving into a new office can be a challenge both logistically and energetically. Finding an office that suits your business needs is only the first part of the process — moving in and readjusting to the new space can take some effort as well.

By having a detailed checklist of factors relating to your relocation, you can save yourself a lot of the hassle that can come up with new moves, especially if this is your first office.

Continue reading “What to Consider When Moving Into A New (Or Your First) Office [Infographic]”

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.

Continue reading “How to Choose the Right Tenant Representation Broker”

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.
Continue reading “A Simple Guide to Calculating Operating Expenses for Office Buildings”

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.

Continue reading “Explaining the Various Types of Commercial Real Estate Leases”

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.

Continue reading “Navigating the Commercial Real Estate Lease Process”

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.