Office Lease Negotiation Tactics
It can be a daunting task navigating your way through the maze of office lease negotiations, and you will most certainly need a Tenant Rep Broker to carry out the negotiations on your behalf. However, it does make sense to get fully clued up on the tactics that you and your Tenant Rep Broker can use in order to negotiate a competitive deal.
Here are our top tips and tactics that are commonly used to get the best possible outcome:
Make sure that you fully understand the terms within the lease. It's surprising how many office tenants take on a lease without fully appreciating their full responsibilities or obligations. Check for notice periods, for example, to ensure that you give adequate notice when the time comes for you to move out.
When you negotiate, you need to know what your top priorities are. These might include the maximum you are prepared to spend on the rent, or the length of the lease. Whatever they are, make a note of them and discuss them with your Tenant Rep Broker. This will help you to avoid getting bogged down on issues that are not as important to you.
Avoid emotional decisions
No matter how much you really love the space, if the terms aren't right and the rent starts to fall out of your budget, you need to keep your emotions in check. Your decisions need to be calculated ones; based on affordability, and security of tenure. These are the ones that will ultimately prove most effective in the overall decision making process.
Do your Research
The more information you have, the more leverage you will have in negotiations. Find out as much information as you can on the prospective Landlord, like how many other buildings he owns, how long has the landlord owned this particular property, how long has the property been on the market? Arm yourself with as much information as you can before lease negotiations begin to give you the best possible chance of success.
Be Prepared to walk away
After you've invested weeks, months even negotiating on a particular property, the last thing you want to do is walk away. But if the deal isn't right, it's better to walk away from a potentially bad deal that could be a 5 year mistake. That's why it's always best to have a fall-back option and negotiate on several properties at the beginning. Better that than putting all your eggs in one basket.
Find a good Tenant Rep Broker to negotiate a good deal on your behalf by searching our approved member directory.
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