We’ve assembled a list of 5 posts tenants should read before signing a new office lease.
1. Office Space, If You Only Do Three Things
The Tenant Advisor, November 19, 2010
Every office tenant wants the highest quality office space available that fits within their budget. In other words, they want the best value that fits within their total overhead cost structure. The ability to achieve this objective requires an understanding of what drives costs and how to manage them. The probability of success will be increased by utilizing professional expertise throughout the leasing process. Read more »
2. How Much Office Space Do You Really Need? Do You Really Know?
The Tenant Advisor, January 18, 2010
Most tenants who have leased office space understand the amount of space they pay rent on is typically different than the actual space they actually occupy. Applying a common area factor is way for Landlord’s to charge rent on a pro-rata share of the common areas of the building. This is an accepted industry practice.
3. Understanding the Common Area Factor: Rentable vs. Useable Square Feet
The Tenant Advisor, February 26, 2010
Few commercial real estate concepts are as misunderstood by tenants and even real estate professionals, as the measurement of office space square footage for rent purposes. The formula to determine the amount of rent in most office leases incorporates both the usable square footage, plus the tenant’s proportionate share of common areas in the building.Read more »
4. Negotiating the Tenant Improvement Allowance
The Tenant Advisor, November 14, 2010
A key component of any lease negotiation is the tenant improvement allowance provided by the landlord to build-out or retrofit an office space for the tenant’s specific use. The amount of the tenant improvement allowance, as well as the length of the lease term have a significant impact on the negotiated rental rate. Read more »
Most of these articles do recommend using a broker to represent you during this process. This article will help you do just that.
5. Choosing the right CRE broker… Ask tougher questions
Central Florida Office Team, April 19, 2012
Choosing a Tenant Representation Broker can be a daunting task. However, being armed with the right questions can help foster a positive and successful brokerage relationship between you and your broker. Relocation, expanding or even downsizing your business has many moving parts. Ensuring a broker has the experience, or the right connections to assist and manage the process will allow you to continue focusing on the revenue generating parts of your business. Read more »