Office Space - Getting The Best Deal
Finding Office Space
In today's market an office move can get your company into better, cheaper and more appropriate office space.
But for this to happen you must work with a Tenant Rep Broker (one that focuses on representing Tenants in your local market). Why? Because when it comes to finding the right office space - and then negotiating the best deal for you - there is no question that a good Tenant Rep Broker will not only make sure you don't make any critical mistakes but also save you money over the term of the lease.
Think about it for a moment. How much experience do you have of the office market? How many office deals have you transacted in the last year, month or week? The reality is that most business leaders lease office space only a few times during an entire business career.
On the other hand, building owners lease office space as a profession - time & time again. It's what they do. It's how they make their living. What's more, they will also hire a Broker to market the office property on their behalf with the goal of getting a tenant to lease their office space on the most favorable terms for them.
So, on the face of things, it might appear that everything is loaded to the property owner's advantage! But not if you, the tenant, level the playing field by engaging the services of your own Broker (one that specializes in representing tenants in your office market).
What's more, utilizing the services of these market experts is free for the Tenants (as they get paid by the owner of the office property in which your company takes office space).
The top level objective of hiring a Tenant Rep Broker is to fully leverage their expertise and market knowledge in finding your business the most suitable office space & then negotiating the best financial terms on your behalf.
Their role is likely to involve: identifying the right property for you, conducting viewings, advising on the suitability, providing cost analysis of preferred options, negotiating terms, liaising with your real estate attorney, keeping you informed with progress and monitoring the transaction until completion.
Thinking of not using a Tenant Rep Broker? Ask yourself these questions:
1. Do you have the time, skillset & expertise to take on this important role whilst also focusing on your existing workload and commitments?
2. Do you have access to details of every office space that is on the market that might suit your needs? What about those that are "off market"?
3. Do you know what is happening in your local office market? Do you have a thorough understanding of the market in terms of rents, lease lengths, terms and inducements being offered?
4. Now that you know that utilizing their expertise is free - why wouldn't you?!
Companies that hire Tenant Representative Brokers pay LESS for their office space.
More information: Refer to the Tenants Guide to Finding Office Space.
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