Signing a lease is a big deal. We understand the vital importance of your workspace: what it means to your brand, your people, and the work you do. To help you make the best decision for your next office lease, we’re sharing five tips to guarantee a smart leasing decision.
The general rule of thumb when it comes to leasing is to begin your property search 18 months to a year before your anticipated move. Getting a head start gives you the opportunity to evaluate the market and your needs while conducting a thorough evaluation of potential locations. If you begin the process of recognition too late, you lose negotiating leverage, and the selection of locations may be limited.
CREATE A CORPORATE GAME PLAN
It’s critical that commercial tenants evaluate the use of their space, in terms of productivity, early on. Your ideal workplace should align with your company’s goals. Some questions to consider:
Where do you see the company in five years?
- What amenities or design elements are most important to cultivate the right environment for our organization?
- Do you plan to expand or contract?
- Which geographic location makes the most sense for our company?
- Can I improve our current space? If so, how?
Make sure to involve your key stakeholders in this major decision to ensure nothing gets overlooked, and everyone’s unique perspective is considered. Distribute a companywide poll or survey to compile a list of essential office amenities. Provide regular feedback to management to keep your vision aligned. Coming up with a strategic game plan ensures that you are looking for the best possible space to meet your organization’s needs; now and for the future.
BE AWARE OF MARKET TRENDS
Before spending time touring multiple property options in the market, educate yourself on what’s out there. It’s to your benefit that you come to the table with as much information as you can, starting with a good understanding of the current market. To ensure you are getting the most out of your lease, tenants should be mindful of the following:
- What are the market rents going for?
- How does your rent compare to similar locations in the areas?
- What are companies of the same size and similar industries paying for rent?
- How much vacancy is presently in your desired submarket?
- How much new construction is ongoing? -– new buildings with leasing available provides leverage for negotiating the terms of a new lease or an existing lease in an older building.
- Why are similar companies choosing one location over another? What are the submarket trends driving leasing activities in a certain area?
UNDERSTAND WHAT YOU’RE SIGNING
Before signing your lease, it’s crucial that you carefully review all terms and conditions outlined. A trusted real estate advisor can help you understand key business points that may impact your tenancy, while an experienced real estate attorney can help negotiate and craft language that is favorable to your company.
TRUST THE EXPERTS
With so many different lease terms and durations, it’s hard to know if you’re getting what’s best for you. Providing you with a wealth of market knowledge, top-notch negotiating skills and someone on your side; a Tenant Representation broker helps take away the confusion and worry.
Our process supports clients through every real estate step to ensure your space aligns with your specific business objectives. We help you avoid the stress of renewing or relocating, allowing you to focus your attention on what matters most, your business.
Need help finding your next office, let Friedman’s team of talented tenant rep brokers help you find a space that meets all your business needs. Download our Tenant Representation Timeline to better understand the proactive steps you should take when making your next real estate decision.