Tenant Representation
For new businesses looking for a first location or established businesses looking for a new location it can be helpful to utilize the services of a brokerage company that understands the market, the elements and variables in a commercial lease, options available as to terms and properties in the market. The landlord pays for the service so in many ways enlisting the services of a broker is free help to the tenant.
Typical reasons for a new location are:
- Newer space
- Larger space
- Smaller space
- Better economics
- A more functional business location
- A more functional floor and configuration of the leased premises.
Generalized overview of the elements in the analysis performed for the client as a precursor to showing and locating space for the potential tenant.
- Determination of tenant requirement as to size of premises, configuration, parking requirements, outside storage requirements, and mechanical requirements
- Comparable rent analysis to determine the rental rate for the product type, form and location required by the tenant.
- Presentation of analysis of various options in the market and relative costs of such to the tenant.
- Assisting tenant in making selection of properties to tour.
- Setting an appointment with properties selected by tenant as a good fit.
- Touring properties with tenant and obtaining feedback from tenant as to those properties that fit their criteria.
- Providing informed suggestions based upon market data as to the correct negotiation position to offer prospective landlords. Experience with rental negotiations can assist the tenant in obtaining concessions are adjusting variables that may or may not be apparent from an inexperienced perspective. These elements include:
- Free rent rental concessions
- Tenant improvement allowances
- Options to extend the lease
- Assistance in negotiation of business and legal terms and conditions and assistance in lease review.
- Facilitation of lease execution, providing security deposit and first months as applicable to landlord.
