New businesses are often unsure what it takes to rent an office or retail space. NAI Elliott broker Riley Henderson explains what steps a prospective tenant goes through to get into commercial space at the Ford Building in Portland.
It starts by calling or emailing the real estate broker listed on the building or window sign. They will ask what building and space you’re calling about so try to have the address or intersection available.
At that time, you can set up a tour with the broker to look at the space. At large properties like the Ford Building there may be multiple spaces that you want to look at during that time. During the tour consider the size, location and your budget.
If there was anything that made sense for your business, you can discuss with the broker the length of the lease terms and any specific improvements to the space you’d like. At that point, the broker will put it all into a letter of intent which summarizes the basic lease terms that the owner is interested in leasing to the tenant and that the tenant is interested in leasing back from the owner.
Once there is agreement on the terms, the broker will create a draft lease and give that to the tenant (you!) to look over. Take time to review that document and ask the broker questions.
If the draft lease looks good, the broker will send it out for lease execution.
Once the lease is signed, you will be handed over to our capable property management team to go over the introduction and welcome to the building. Property managers will give you the keys to your space and get you set up on auto pay for rent.
If you’re a prospective tenant interested in learning more about the leasing process or about the Ford Building, reach out to our brokerage team to discuss the spaces we have available or to set up a tour.