It is stressful to find an office or retail space, especially in a competitive market. Locating and negotiating a new lease is never easy which is why it’s important to hire a tenant advisor. Even if you already have an office or retail space but are facing a lease renewal, having a talented tenant advisor handle the negotiations can be an asset.
Why do You Need to Hire a Tenant Advisor?
This article outlines the importance of working with a professional tenant advisor to help you every step of the way to ensure that you, the Tenant, are protected in a lease transaction. Continue reading to learn the perks of forming a firm relationship with a skilled tenant advisory service. The advisor’s knowledge, experience, and ability to negotiate is a priceless service that will help your company obtain the best possible terms associated with your lease.
Ease of Finding Outdated & Off-Market Listings
It is difficult to find listings that are not outdated or provide insufficient information. Valuable time is wasted when skimming listings that are no longer valid. A tenant rep has access to numerous resources to find viable listings on the market. Industry relationships also put a tenant rep ahead by giving them insider information on updated or changed listings. In addition, they can often gain information on listings that are not even on the market or even find a potential sublease space that a company is marketing exclusively to the brokerage community.
Negotiation Skills
A tenant advisor has well-honed negotiation skills. They are prepared to work with the landlord or property management to perhaps reduce the base rent, provide flexibility through expansion or contraction clauses, secure renewal options, cap controllable expenses that are passed through to the Tenant, secure market rate Tenant Improvement Allowances, and ensure that the Tenant minimizes their personal risk. The added savings can be funneled into growing your business, providing for employees, or later expansion.
Finding the Space Needed for Your Office or Retail Business
It is often hard to gauge the space you need. A tenant advisor is skilled at asking the appropriate questions and running a preliminary analysis to determine the ideal square footage for your business. Rent is typically one of the top expenses that a company has and it is imperative that you don’t waste money on renting a large area when a smaller, more affordable space will suffice. An advisor can help you every step of the way to determine the ideal space for your current and future needs.
Exploring Amenities
Amenities can be a great resource in attracting customers as well as employees. Most companies have a target area for their new or expansion location, so having an advisor who understands the trade area will help the employer to make an informed decision.
Why Hire a Tenant Advisor?
You want someone who can negotiate the most favorable lease terms attainable. A skilled advisor will help you achieve favorable terms with leverage that you would not otherwise have. Here are ways that a tenant advisor is a necessity:
- Lock in fixed rents and operating expenses
- Modify your space (expansion or contraction)
- Minimize operating expense pass through charges
- Secure landlord improving the space at their expense
- Revise lease terms
- Proper timing recommendations to increase leverage
- Limiting personal liability
- Renewal options in favor of Tenant
Please contact us if you have any questions regarding this article or to discuss your current lease situation at 601.586.3220. You local Mississippi commercial real estate office looks forward to serving you!