Tenant Representation: What It Is and Why You Need It

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Commercial office tenants have a lot to think about when it comes time to secure a new lease on an office building or renew their current commercial office space lease with their landlord.  There is so much to consider that commercial office tenants sometimes become overwhelmed and due to such feelings may make mistakes in securing their commercial office space lease.  This is where tenant representation can help.  The following will highlight what tenant representation is and why you, as a commercial office tenant, need this on your side.

What Is Tenant Representation?

Tenant representation is when a tenant representation advisor helps commercial office space tenants with their commercial office space needs.  The tenant representation advisor will help the office space tenants find an office to lease, help them secure the office space lease and aid them in every step along the way when it comes to negotiating with the landlord and getting the office space needed.  They also help office space tenants with their lease renewal negotiations.  The tenant representation professional will discuss the various office space needs with the office space tenant and then narrow down the office space lease options in the area to the ones which meet the needs of the office space tenant.  Tenant representation advisors will also help the commercial office space tenant with the real estate documents and make sure that the office space tenant knows what they are leasing and getting the terms they deserve.

Why Do Commercial Office Tenants Require Tenant Representation?

There are quite a few reasons why commercial office tenants require tenant representation.  First, commercial leases can be a bit difficult to understand at times.  By having a tenant representation professional by your side, you will be able to rest easy knowing that your office space lease will be beneficial to you and be able to understand exactly what it contains within the document.  Secondly, those who are looking for commercial office space to rent may not know where to begin the search.  When you use the services of a tenant representation firm, you will get right to the best office space leasing possibilities and make it much easier to find the perfect office space to lease in a quick manner.

Also, tenant representation professionals will protect you from being overwhelmed by your future landlord or taken advantage of by your future landlord.  When the landlord of the office space you wish to lease sees that you have a tenant representation firm on your side, they will automatically know that you are a force to be reckoned with and everything should be on the up and up.  Finally, when you use a tenant representation advisor for all of your commercial office space lease dealings you will be able to have that peace of mind you deserve and be able to focus on other matters, such as carrying out your daily business dealings.

Tenant representation professionals provide commercial office space tenants with an easy way to get the lease they deserve quickly and efficiently.  These professionals know the commercial leasing business well and will help you in your future leasing dealings.

Office Lease Renewal Process

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When business owners obtain a lease on commercial office space for the first time, they probably don’t think about the office lease renewal process as it often seems so far in the future.  However, the expiration of an office space lease term can pop up more quickly than you think.  Before you enter into a lease renewal, you should first know more about the office lease renewal process so that you get the best deal possible and enjoy all of the amenities and inclusions which one should expect in an office space lease renewal.

How the Office Lease Renewal Process Works

The office lease renewal process is much different than a residential lease renewal.  Office lease renewal procedures get put into motion many months prior to the actual end of your current office space lease.  There is much more involved than just reaching an agreement on future rent payments.  Usually the office space tenant will contact the landlord to inquire about the lease renewal and try to negotiate on the terms of the future office space lease.  The landlord will then come back to the office space tenant with their thoughts on the future lease and what they are willing or not willing to change.  This can be a timely negotiation process and may get a bit tense at times.  The best way for a commercial office space tenant to handle a lease renewal is to have a tenant representation consultant on their side throughout the process.

Tips for Making the Lease Renewal Process Much Easier

Although the office space lease renewal process can be burdensome for office space tenants, there are certain tips which will provide the tenant with peace of mind and confidence throughout the dealings.  Here are some tips to keep in mind throughout the lease renewal process:

  • Obtain a tenant representation consultant:  As mentioned above, having a tenant representation advisor with you every step of the way will help you to get the new lease terms you need and deserve.  A tenant representation firm is well versed in this area of commercial real estate and will work along with you to negotiate the proper terms of the new lease and get you what you want in your future lease with your current landlord.  The tenant representation advisor will cut through all of the real estate lingo and outline the terms and offerings with clear cut verbiage and easy to understand language.
  • Make a list of what you want prior to meeting with the landlord:  In order to be prepared for your meeting with your landlord, it is always good to have a concrete list of what you wish your new office space lease to contain.  You want to be exact in your criteria requests so that there is no doubt in anyone’s mind as to what you want in the way of your future office space lease.  Your tenant representation advisor can help you make this list and ensure that you get everything out of the future lease that you want.
  • Be willing to negotiate:  It is a good idea to go into the meeting with your landlord with the knowledge that you will probably not receive everything you want out of the lease renewal negotiations.  Therefore, you have to be prepared and willing to negotiate so that you and the office space landlord can come to a good agreement in the end.

The office space lease renewal process can be much easier if you have a tenant representation advisor by your side, you make a list of what you want with regard to your future lease and you are willing and able to negotiate to ensure that your company can stay in the current office space for many years to come.

How to Find Office Space with LoopNet

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In today’s commercial real estate industry, there are many options when it comes to locating and buying or leasing commercial real estate.  One popular commercial real estate go-to website is LoopNet.com.  LoopNet provides a place for sellers and landlords of commercial real estate to highlight their office space options and find interested parties to buy or lease their commercial office space.  It is also an excellent place for business owners to look when they are interested in leasing office space.  The following will highlight some easy ways to find office space with LoopNet.com.

Zone In On a Specific Locale

One of the great aspects regarding LoopNet is that you can zone in on a specific locale on this commercial real estate website and find the area in which you want to rent your next office building space.  Being able to zone in on a specific locale on LoopNet limits the time spent searching aimlessly and gets business owners to their commercial real estate options quickly and easily.  Whether you are searching for office space in a small town or large city, chances are that you will be able to find quite a few options on LoopNet to meet your needs.

Determine Your Office Space Specifications

In order to provide business owners looking to lease office space with the most expeditious ways to search, LoopNet allows searchers to put in specifications such as price, square footage and any other keywords which may help to limit the offerings to only those properties most desirable to the searching party. Prior to looking on LoopNet, determine what specific cities you want with the office space and then enter in the key terms on LoopNet to bring up the best options for your commercial real estate needs.

Consider Your Desired Budget

When you search on LoopNet for commercial office space to lease or buy, you can narrow down the choices to your desired price.  When you have a budget in mind you will be able to easily locate those office space options which fit within your price range.  There are many offices for lease as well as for sale which are reasonably priced and perfect for a wide variety of commercial business types.

Research Your Options through LoopNet

In addition to locating offices for sale and lease on LoopNet, you can also research the commercial real estate locales to determine if such a location is perfect for your business dealings.  There is also a way to look at sales comps which will give you a feel for what other businesses locations have sold and leased for which will provide you with a good estimate on property values and more.

If you are seeking out commercial office space for lease or commercial office space for sale, using LoopNet will work to your advantage.  Not only will you be able to pull up available commercial office space properties but you will also be able to learn about the local area as well as sales comps in that area.  LoopNet is the go-to website for business owners seeking property to lease or seeking property to buy, no matter what the location is or what the business owner’s budget may be.

Suburban Office Markets

Chicago Suburban Office Markets

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Suburban Office Markets

The Chicago area is prime real estate for commercial businesses of all varieties.  From restaurants to salons to insurance agencies, there is something for all businesses to enjoy when it comes to leasing real estate in this locale.  The Chicago suburban office markets are also high in demand as this location offers a close proximity to the city of Chicago while keeping the business out of the center of the city.  Chicago suburban office markets are readily available and no matter what type of business you own, you are sure to find the ideal Chicago suburban office space for lease in one of the following prime locations.

North Suburban

The North Suburban area of Chicago is a location which includes towns such as Prospect Heights, Des Plaines and Mount Prospect.  In all of these towns you will find excellent accommodations, dining options and, of course, a wide array of businesses.  Prospect Heights has popular destinations such as the Prospect Heights Park District and the Rob Roy Golf Course.  Those with businesses in Mount Prospect will have neighbors like the River Trails Park District and the Northwest Symphony Orchestra.  If opening up a business or relocating your company to Des Plaines, there are plenty of restaurants such as Cuzzin’s Restaurant and Taco Village nearby including other area businesses including medical offices, legal offices, architects, retail shops and more.

O’Hare

The O’Hare suburban area has a few different towns within it including Elk Grove Village, Northlake, Schiller Park, Bensenville, Rosemont and Franklin Park.  These towns surround the Chicago O’Hare Airport and provide residents and business owners with a taste of the city outside of the city limits.  Various offices as well as industrial complexes intermingle with smaller companies in the O’Hare suburban area.  Residential housing mixes in with the commercial buildings making for a diverse suburban Chicago locale which draws in business owners as well as customers from the surrounding areas.

Northwest Suburban

Business owners and company officials searching for ideal Chicago suburban office markets often find themselves headed to the Northwest suburban region of Chicago.  Towns including Schaumburg, Buffalo Grove and Arlington Heights comprise the Northwest suburban Chicago area and offer a variety of residential and commercial options.  The intermingling of residential and commercial buildings offer a place for business owners to open up shop as well as plenty of customers to utilize the various business offerings.

East-West Corridor

The East-West Corridor of Chicago is continually being developed and offers many different commercial office space leasing options to choose from, no matter what your business genre may be.  This suburban locale is attractive for many reasons, one being the close proximity to Chicago.  Business owners can open up their business doors in a suburban locale such as the East-West Corridor but have easy access to and from the city.  This means that not only can your employees get to you with ease but so can your customers as well.  Restaurants, retail shops, sole practitioners and large corporations all call the East-West Corridor their commercial home.

Leasing office space in any of the aforementioned Chicago suburban office markets is a smart move.  These locations provide you with easy access to Chicago but a suburban feel which is perfect for businesses of all sizes and varieties.

Top 10 Mistakes Companies Make When Leasing Office Space

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Leasing commercial office space is a wise move for business owners to make.  With that said, there are certain times when the company leasing the office space makes an error when it comes to leasing an office building or office space.  Here are the top 10 mistakes which companies make when leasing office space:

Leasing Office Space Which Is Too Small

One big mistake which some companies make when they lease office space is to choose an office which is too small to accommodate their business and employees.  It is extremely important to consider how large of an office you need to lease and stick with that figure when looking at and ultimately leasing offices.

Leasing an Office That Is Too Big

It is also not advisable to lease an office which is too big for your company.  Leasing an overly large office space can be a costly mistake.  Not only will your company pay more for the rent but it will also cost more with regard to the utilities being paid on a monthly basis.  An office space which is too large can be burdensome to the business owner and the employees.

Obtaining an Office Lease Which Is Outside of Their Financial Means

It is easy at times to get off track and become smitten with an office space which is simply not within the financial means of the company.  This can be a costly error and put the business owner in a financial crunch when it comes time for the monthly commercial lease payments.  Always know what is within your budget and what isn’t when shopping around for an office space to lease.

Choosing an Office Space That Is In an Inconvenient Location

Business owners who lease office space should always choose an office which is in a convenient location.  This relates not only to public transportation but also relates to the surrounding businesses and population.  The office space for lease should be close to other commercial businesses and be in a spot which is sure to attract the usual clients in addition to those who simply are in the neighborhood and happen across the business.

Not Choosing the Office with the Right Amenities

Another mistake which companies sometimes make regarding the leasing of office space is to choose an office which does not have the right amenities.  For example, a business that has 50+ employees should not choose an office space location where there is only one bathroom.  Looking into the amenities before leasing an office is important to ensure that the office space has all the right amenities included.

Obtaining an Office Lease That Is Restrictive In Its Terms

Commercial leases have a tendency to be strict in some of their terms.  However, companies will often find that some office space leases are more restrictive than other ones are.  Always review the lease thoroughly to make sure that you are agreeable to all of the terms in the lease as once you sign it you are bound by the terms and must adhere to them throughout the duration of the lease.

Choosing an Office Space Too Quickly

Some companies may jump into leasing office space too quickly.  The business owner may think that the office space may get leased to another or they may be so eager to find an office location that they sign the lease and find out later that it may not be the best choice.  Therefore, it is important to shop around and not jump into leasing office space without thinking it through and making sure that the office space chosen is the best of the bunch.

Selecting an Office to Lease Where Parking Is Not Readily Available

An additional mistake which companies may make when leasing commercial office space is to choose one where parking is not readily available.  Although this is not a deal breaker for all companies by any means, it can be a bit cumbersome for those companies which see a lot of customer traffic and need ample parking for their customers.

Choosing an Office to Lease That Is Non-Conforming with One’s Business

It is important to make sure that the office space a company chooses to lease will be conforming to their business.  Some companies may choose a business location which is not suitable for their business and find themselves in a tough spot when they move in and acknowledge this fact too late.

Not Reading the Fine Print on the Office Space Lease

Lastly, company officials and business owners can make the mistake of not reading the fine print on their commercial office space lease.  There may be certain terms which restrict their business in some way and make the leased premises less than perfect for the needs of the company.

By having an idea as to the top 10 mistakes which companies make when leasing office space, business owners can make sure that when the time comes to lease commercial office space they take all measures necessary to avoid making these mistakes in their next business leasing transaction.