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Tenant Representation Commercial Office Space

chicago office space listings

Commercial office space leasing is a highly sought after route these days for business owners, especially in the Chicago area. When company owners lease office space they are able to take advantage of various amenities and benefits which those who buy commercial real estate often go without. Before heading out on the search for the right office space to lease in the Chicago area, you simply must have tenant representation on your side. Tenant representation is when a tenant advisor or tenant representation firm guides the business owner tenant through the process and helps them with not only finding a commercial office to lease but also walks them through the leasing process to ensure that the tenant is well informed throughout the process.

Tenant Representatives Lead You in the Right Direction during Your Search

With the amount of commercial real estate options available these days, it is easy to stray off of the path and get lost in the options. With a tenant representation specialist by your side, you can be assured that you will stay on track until you locate the ideal office space to lease. Tenant representatives are well versed in this field and know how to take your helpful insight and what you want in a commercial office space lease and find that exact option for you.

The Help of a Tenant Representation Firm Makes Understanding the Process Easy

The commercial real estate leasing process is not always the easiest to understand. When you have a tenant representative by your side, any questions which you may have along the way will be answered. The tenant representative will walk you through the process and make sure that you get the commercial office space lease which will suit your business best.

Tenant Representatives Represent Tenants Only, Not Landlords

Another great thing about hiring a tenant representative to help you with the commercial office space leasing process is that these individuals represent tenants alone, never the landlords of the buildings. This ensures that your tenant advisor will have your best interests in mind the entire time. They are in the arrangement to help you to find the office space lease you need and get the best deal possible. Tenant representatives will be with you when you speak with the prospective landlords and make sure that at the end of the day, your best interests are served.

Going into the leasing process without a tenant representative by your side can be a troublesome event. When you lease commercial office space or start the search for an office to rent, you want to be well prepared. By having a tenant representative with you, the fact remains that you will be taken care of in your search for commercial real estate. Before you even start looking for properties, contact a tenant representation firm to see what services they offer. Your future tenant representative will guide you along the way and make sure that the future office space which you lease is one which you will be happy to have acquired.

Tenant Representation: What It Is and Why You Need It

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 Space Tenant Representation

Office leasing is a popular rental option these days.  It allows business owners to have a place to engage in all of their office dealings yet not have to worry about the hassles which often go along with owning commercial office property.  An office tenant representative will protect the interest of you, the business owner, and help to make sure that your leasing experience is a success.  There are many different benefits associated When looking for a rental office, it is best to have office tenant representation along the way.  with office tenant representation and some of the more pertinent ones will be discussed below.

An Office Tenant Representative Will Help You to Choose the Best Rental Property

Frequently, when a business owner is shopping for a rental office, they may not know exactly what type of property they need in order to properly fulfill their needs.  When you have an office tenant representative on your side, the tenant rep will be able to look at the different office buildings with you and help you to choose the best one for your business needs.  The office tenant representative will take into consideration your line of work, need for space and number of employees which you will have in-office at any given time.  With a reputable office tenant representative on your side, choosing an efficient and proper commercial rental property will be as achievable.

Office Tenant Representatives Help Commercial Tenants Understand and Negotiate Leases

Another extremely important aspect of having an office tenant representative is that this individual will help you to understand the lease and negotiate the lease terms so that they benefit you the most.  Oftentimes leases, especially commercial leases, are so full of legal lingo that the commercial tenant will find it difficult to understand what it really states.  With office tenant representation, you will have an advisor to help you understand the terms, leasing process and current market terms, you as the future office tenant will have fewer? as your office tenant representative is well-versed in this area and highly capable of explaining it all to you easily and quickly.  This will help you to negotiate the terms of the lease so that it is fair to you and will benefit you best in the end.

With Office Tenant Representation You Are Safeguarded Throughout the Lease Term

Once you sign the office lease, the relationship between you and the office tenant representative should not end there.  When you have experienced and qualified office tenant representation, you should have that rep by your side the entire term of the lease.  This is helpful should any issues arise during the lease term, as your attorney and office tenant rep can speak with the commercial landlord on your behalf.  The office tenant representative can help be the mediator and ensure that your rental relationship with your landlord is as amicable as possible.

Office Tenant Representation Is a Wise Move

When you review all of the benefits associated with office tenant representation, it is easy to see why this type of safeguard is simply a wise move to make.  With an office tenant representative by your side, you can make the best rental decisions and ensure that your office rental situation is as good as it can be.  Again, your office tenant representative will protect you and your business by helping you to choose the right office setting and negotiate the best office space terms.  When you have a qualified office tenant representative at your service, you can focus on other business-related duties while the office tenant rep deals with office rental issues for you.  All in all, office tenant representation is the way to go when embarking on renting commercial property.

Office Space: Lease Negotiation Tips

1. Be Ready, Willing and Able to Walk Away

The biggest mistake many tenants make is not developing legitimate alternatives to their first choice, whether a new space or a lease renewal.  If a landlord believes you’re not willing to switch to a different property, you lose your negotiating leverage.

2. Start the Process Early

Time should be your ally, not your enemy during negotiations.  Landlords know that the managers of other buildings can take six to eight months to create a space plan, get construction pricing, agree on a rental rate, prepare a lease document and ready the space for occupancy.  If you wait too long before asking for a renewal proposal, you’re telling the landlord that you’re not considering any other options.

3. Know the Whole Picture Before You Start Negotiations

Is the office building being sold?  Is the largest tenant moving out?  How much free rent did the last tenant get?  Does the building have HVAC or parking problems?  What is the landlord’s financial situation?  Candid, complete answers may not be forthcoming from the landlord or his broker.  Expert research can make sure that what you don’t know won’t hurt you.

4. Make Landlords Compete For Your Business

The key to a successful negotiation is creating competition between your current landlord and other landlords in the area.  You should have an experienced advisor providing the proper market research, lease comparables and the negotiating skill to use that information to create leverage for you.

5. It’s In Your Best Interest To Have A Tenant Representative Negotiate For You

Unless you’re a real estate professional, it’s not a good idea to negotiate a lease deal directly with the landlord’s broker.  An experienced tenant representative will help ensure that you receive the best possible rates, terms, incentives and lease clause protections.  Remember, the landlord’s representative negotiates leases every day; you may do it once every 3 to 4 years!

6. Hiring A Tenant’s Representative Doesn’t Cost You More Money, But It Can Save You Money

Occasionally a landlord will “try to save you some money” by discouraging you from engaging a tenant representative.  Don’t be fooled.  He’s not doing this out of the goodness of his heart.  He knows that without a tenant representative you’re more likely to be in the dark about market rates and terms, and less likely to shop the market, or consider other alternatives.  That means more money in the landlords pocket.

7. Make Sure You Are Comparing Apples To Apples

Business owners who are not experienced with commercial real estate often find it difficult to perform a true “apples to apples” comparison of different facility choices.  Lease terms such as full service gross, modified gross, triple net, tenant improvement allowances, rental abatement, escalations, base years, operating expense stops and loss and load factors can obscure the true amount you’re paying and make legitimate comparisons difficult.  A good tenant representative will sort through all this for you.