If you’re looking for office space, you may be wondering just what kinds of specifics should be considered. It’s easy to overlook something, or not realize that a particular aspect of the space is going to matter so much until after you sign the lease. If that happens, you could be stuck trying to make the space work for your company or team, potentially for months or even years.
Fortunately, you can avoid those kinds of problems with good commercial real estate tenant representation. Having a representative to help you find the right place isn’t just for people who are making a purchase. It can be a great option for companies that are leasing space, too. As a business owner, you want to make sure you find a great location.
A tenant representation broker is the person to choose, when you need help and support to find the right commercial office space. Whether you’re looking for a space for just a few people, or you need a much larger office to hold dozens of employees, the goal is to find the best space based on location, convenience, and opportunities.
Here’s what you need to know about the importance of being properly represented as a commercial tenant.
What is Commercial Tenant Representation?
Most people think of commercial real estate tenant representation as something you need if you’re buying a property. While you definitely do want to be represented if you’re buying something, you can also get great help and support if you’re represented while you’re looking for a property to lease.
Representation means you have a professional in your corner, who can help you find the right property and negotiate the best deal. Not only can that save you time and money, but it can also give you much more peace of mind during and after the search for your new office space.
Because most people deal with residential purchases and leases, they might not think about all the extra details and considerations that go into commercial representation. But there are many unique needs of businesses that individuals just don’t have. Especially with office spaces, the considerations go beyond the square footage and location to issues such as wired technology and shared walls. Representation makes thinking about those things easier.
How Does a Broker Help You?
A tenant representation broker is like a real estate agent, only you’re leasing instead of making a purchase. Think of your broker as someone who has the knowledge and expertise you need, so you can find the right property. Not only that, but your broker is also someone who can help you understand the terms of the lease, and address anything that concerns you.
If you’re not sure about what you’re signing, you could end up with office space that doesn’t work for you, or doesn’t have what your company or team needs for success. Naturally, that’s a big problem right from the start, and might not be a problem that’s easily solved. It’s an issue that can be avoided, though, with the right support and information throughout the process.
Another way a broker can help with tenant representation in commercial real estate is through knowing the area. If you’re not familiar with a particular town, or a specific area of a larger city, you might end up leasing in a place that doesn’t work out the best for your employees, or that has safety concerns. With representation, you can have insider knowledge.
Working with a broker frees up a lot of your time, too, since you’re not spending a lot of that time looking through property listings and researching what those properties have to offer. Your tenant broker can send you information on the properties that fit your needs the best, and not bother you with other listings that aren’t going to be right for your company’s new space.
What Kind of Office Space Do You Need?
The type of office space you need will matter. If it’s just you and a couple of other employees, you’re going to need something very different from a company that’s looking for space for dozens of people to work in one location. Office space is at a premium in some areas, and finding something that’s the right size isn’t always easy.
If you have a broker representing you, they can keep an eye out for upcoming properties that might fit your needs. Especially if you don’t actually need the location for a few months yet, reaching out for commercial real estate tenant representation can get you a good head start on finding the right property for your relocation.
Many office spaces come available every month, but that doesn’t mean that any of them will be right for your needs. You don’t want to try to fit a dozen people into a space made for three, or have just you and a couple other people in an office space the size of a warehouse. Neither of those are good fits, and they also aren’t cost-effective for a long-term lease arrangement.
Remember That Your Office is More Than Location
Location matters, for your employees and any customers or clients who are going to be coming to your office, as well. But there’s more to consider than just size and location. You also need to know what’s in the office, and what you can and can’t change about the space once you lease it.
Your tenant representation broker can get you the information you need about any office property you’re considering. One of the most important aspects of an office space for many companies is the technology offered in it. Is it wired for all the computers you’ll need? Does it have dedicated business phone lines? Is there a security system? All of those areas matter to most companies that need office space, so you want to get information on the options you have.
Working with a broker is the way to get that knowledge, so you can choose a leased space that’s going to meet the needs your company has. You may also have opportunities to get the landlord to add services or other value, depending on the leasing market and other factors. There’s no harm in asking if you really want to lease a particular property, but it’s missing something that’s critical to your company’s requirements.
Other important aspects of what’s offered in the space include the actual layout. Some office spaces have dividers for cubicles, while others are completely open. There may also be some that have actual offices, with doors for more privacy. A mix of these options is common in a large office space, as well. Understanding what layout will work best for your company’s needs can make it easier for you to find the right property, with a little help from your broker.
Negotiations Are Easier With Trusted Support
For the best tenant representation commercial real estate can offer, you want to work with a broker you really trust to help you negotiate. That’s because it’s easier to get through negotiations more easily with quality commercial tenant representation you can rely on. If you try to negotiate on your own, you may find that the landlord isn’t as willing to work with you, especially if you’re out of the local area or just getting your company started.
But a broker will be taken more seriously, and they also know what’s fair throughout their local market. If a property owner is asking too much, or they aren’t interested in working with you, a broker may be able to step in and create a smoother transaction. Naturally, the goal is to find a great space that you’re really comfortable with, and that meets as many of your company’s needs as possible.
While you can shop around for properties all on your own, there’s no reason to add to your stress levels and take up more of your time when a broker could handle things, instead. Letting your broker know what you absolutely have to have in your leased office space, along with what you would like to have, if possible, can give them great information to start looking for a property.
Then they can show you what they find, and you can look at contender properties in person to find the one that’s the best fit. From startups that are brand new, to large companies expanding into new areas, tenant representation in the commercial property space can help a lot of companies find their new locations, so they can get back to work.
Find a Quality Tenant Representation Broker Today
You don’t want to choose just anyone to broker your next commercial leasing deal. Instead, you want someone you can trust and rely on to provide you with the help, support, and information you’re looking for. Then you can feel confident that you’ve found the right office space, so you can get settled in with your team and focus on company growth, client satisfaction, and other important metrics.
Ready to find the right space through commercial real estate tenant representation? By reaching out to us at ZAY Management, you can work with trusted professionals who understand that commercial real estate tenant representation is an important part of finding your new space. We’ll help you locate the right property, and then negotiate with the owner to get a deal you feel good about.
Whether you’re new to the area or just expanding the size of your company or team into a bigger space, we’re here to help you succeed.