Lease Consultant -- The Process | ||
Because the leasing process can be intimidating, we have come up with a method to make it simpler. This advice section offers insight for what lies ahead in your leasing process, and where applicable, what you can expect by engaging Concrete Stories commercial real estate advisory services. Develop a Timeline It is essential to develop a comprehensive timeline.
The timeline should start with the determination of your requirements and, at minimum, end with the move-in
date. It is very important to start your search early, set realistic
goals from the outset, and acknowledge that every step takes time. We recommend starting
your leasing process a year before your current lease expires. Assemble Your Team
On average, tenants enter the leasing process once every five to ten years. Your first
order of business is to assemble a team of skilled and experienced people
who do this everyday. It will save you and your staff much time and money.
This team generally includes a real estate advisor, interior designer and/or architect and real estate attorney early in the process, and contractors and movers towards closing.
Analyze Your NeedsIt is imperative to define your present and future needs in terms of location,
physical premises, cost and lease requirements with the cooperation of
your team. It is much more efficient to select potential spaces having thought through your future needs and with the advice of the team.
Search for SpaceSearching for space is best done with guidance. An advisor will carefully assess your explicit and implicit needs within the boundaries of the market.
Tour SpaceRelevant, efficient and productive space tours are critical, value-added services you should ensure you receive. Your advisor is your link to the marketplace and should provide you with opportunities to optimize your business plan - not just meet your space requirements. Negotiate Your Lease / Close the DealYour advisor will analyze the market and inform you of comparable rent prices
for the spaces you are interested in negotiating. This market rent analysis
will enlighten you to what other companies are paying for space - not
necessarily landlord’s asking price. With this information in hand, you are ready
to start negotiations. Arrange for ServicesDuring the leasing process, there are many service providers to coordinate to ensure that your new space is in move-in condition. For example, engineers and contractors need to be hired, furniture needs to be ordered, telecommunication lines need to be installed and movers need to be reserved.
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