April 14, 2020

Tenant Representation 101: Leasing Your Next Space

Maybe you are a startup software company. Maybe you’re a new law firm. Or maybe you have outgrown your current space and it’s time to step up to that next size. You have lots of questions: Where do I find my next space? How do I get the best deal? How do I get my other work done while filtering out the options? Who can guide us through the process?

Look no further than an experienced commercial real estate broker. Your job is to focus on your business. Our job is to guide our valued clients through the process. We love what we do, and the best part is the landlord pays our fee. This is the case whether you are staying in the same building or moving across town.

Our team provides our clients with decades of combined expertise in the following service areas:

• Market Surveys and Building Tours

• Solicitation and Analysis of Proposals from Landlords

• Preliminary Discussions with Building Owners

• Property Evaluation

• Space Planning and Test Fits for Spaces that Need Tenant Improvements

• Financial Analysis and Cost Projections

• Mutual Agreement / Structure Final Transaction

• Lease Negotiations

• Construction Project Implementation

The last two bullet points are critical and perhaps the most complicated in the tenant leasing process. There are so many details to consider in a commercial lease, and new ones coming up all the time. Without a doubt, COVID-19 will change the way we look at the commercial lease. For example, Force Majeure clauses will now be carefully scrutinized, whereas before the pandemic most people skipped right past them. We recommend, at a minimum, having an attorney review the lease. It is after all a document that you will live with for several years.

Construction of tenant improvements is the other category that demands expert attention. There are so many details to consider: architects, timing of the work, choice of contractor, zoning and allowed uses, payment, change orders, acceptance of the work, etc. We routinely coordinate input for our clients from architects, engineers, and other consultants throughout the construction and move in period.

We look forward to hearing from you! Please feel free to reach out.

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© 2020 NAI Elliott - All Rights Reserved

© 2020 NAI Elliott - All Rights Reserved

© 2020 NAI Elliott - All Rights Reserved

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