7 Cost Saving Tips When Leasing Office Space
Office space costs are usually a company’s second or third largest expense. Lowering office space costs will significantly impact a firm’s profitability. Below are seven cost saving tips for firms considering a relocation or lease renegotiation.
Pros and Cons of Subleasing Your Office from Another Tenant
There are inherent advantages and disadvantages to an office sublease . When considering relocation, office tenants should carefully compare the sublease option with a direct lease (for more on office relocation, read How to Find the Right Office Location in 10 Steps).
"Donut" Forget Your Lease Expiration
After moving into their new office, many businesses hide their commercial lease in a desk and forget about it until their landlord calls them with an offer to renew. This approach minimizes the tenant's leverage in a negotiation and prevents the tenant from taking advantages of opportunities in the market.
5 Tips for Touring Office Space
Office tenants considering a relocation or a renewal should tour competitive properties to research the market and enhance their negotiation position.
Specialists Vs. Generalists Pros & Cons of Business Ideology
In this episode Troy Golden discusses the difference and benefits of specialist and generalist thinking when approaching business related decisions. Each approach leads you in different directions but work to accomplish the same business related goals.
In this episode, Troy Golden discusses how to create a sales database, how to systematically reach out to your database, and strategies for turning prospects into conversions.
Troy Golden goes into more depth on his systematic sales techniques, building and maintaining a database, focusing on high-value contacts, and direct mail techniques.
Selecting Your Business Location
In this episode Troy Golden discusses how to select a location for your business by assessing demographics, determining whether retail space or office space would better fit your business, and deciding what class of office space would be required to market to your customer base.
Timing Your Office Lease
It’s been said before, and it’s true. Timing is everything! With your office lease, as with everything else, you have to be in the right place at the right time. But research and planning can help.
Office Lease Checklist (Part 1)
When negotiating the lease for an office space, the same issues frequently arise. This article is the first in a series of three articles that provide office lease checklists for office tenants to use to review their office lease.
Office Lease Checklist (Part 2)
When negotiating the lease for an office space, the same issues frequently arise. This article is the second in a series of three articles that provide office lease checklists for office tenants to use to review their office lease.
Office Lease Checklist (Part 3)
When negotiating the lease for an office space, the same issues frequently arise. This article is the third in a series of three articles that provide office lease checklists for office tenants to use to review their office lease.
Q2 ’16 Chicago Office Space Market Summary: Part 1
The Chicago office space market is showing positive movement with decreasing vacancy rates, several large lease signings and continuing strong, but lessening new construction as we move through the year.
Soundproofing Your Office Space
Do you hear private conversations in the office next door, even if you shut your door? For some companies, this is merely a nuisance and productivity drain.
Checklist for Negotiating Your Office Lease Extension Option
If you are leasing office space, your lease should include an option to extend the term of the office lease. In tight markets favoring landlords, a well-negotiated office lease extension option can serve as a ceiling on rent for the new lease term.
Top Commercial Real Estate Twitter Profiles
Twitter is one of the best social media platforms to connect with top commercial real estate leaders all over the world. Below is a list of ten commercial real estate leaders to follow on Twitter:
A Simple Checklist for Negotiating a Right of First Refusal
Often referred to as ROFR, the Right of First Refusal is a powerful tool for office tenants. A right of first refusal gives the office tenant the right to lease additional specified office space should an outside party express interest in that office space.
First Steps in an Office Relocation
Lease contracts last many years, and over the years it’s easy to forget contractual obligations which effect the timing and cost of relocation.
Tenants Beware the Relocation Clause
Most office leases include a relocation clause which allows the landlord to relocate the tenant to another suite in the building or office park.
COMMERCIAL REAL ESTATE TERMINOLOGY
Like every industry, commercial real estate has a language of its own. Let’s run through some of the key terminology you must know and understand when plotting your real estate strategy.
TOURING OFFICE SPACE FOR LEASE
Office tenants searching for office space for lease or considering a lease renewal should tour competitive properties to research the market and enhance their negotiation position.
Office for Lease Search Tips
Real estate is usually the second or third largest expense item for companies. Logically, then, many businesses focus on economics when looking for office for lease.
HOW TO FIND COMMERCIAL OFFICE SPACE
Every business is unique, with unique commercial office space needs. Likewise, every site selection proceeds according to the distinct characteristics of the business and market in question.
WHAT IS A “BLEND AND EXTEND”?
Using the “blend and extend” strategy, tenants trade an early renewal and extended lease length for more favorable lease terms (e.g., lower rent rate, additional capital improvements, fewer rentable square feet).
ECONOMIC DEVELOPMENT INCENTIVES IN ILLINOIS
Illinois offers several economic development incentives to businesses. Businesses should consult with their commercial real estate broker to see if they may qualify for any of these programs.
Real Estate Negotiation Tips Part I
The first step in the negotiation process is setting objectives. Never enter into negotiations without a clear sense of your organization’s goals. Prioritize the goals, and start negotiating from the top of the list.
Real Estate Negotiation Tips Part II
In a commercial real estate negotiation (or any other negotiation), both parties have a hidden agenda. The hidden agenda consists of a party’s needs and break-even points.
HOW TO LEASE MEDICAL OFFICE SPACE
Many medical office tenants have special use requirements. If the business uses hazardous materials or generates biomedical waste or radiation, then the tenant must document these uses in the lease to ensure compliance.
NEGOTIATING THE LEASE RENEWAL OPTION
Tenants should always negotiate a lease renewal option into their commercial lease. The option to renew is a benefit to the tenant, allowing the tenant to extend the lease beyond the initial term and to limit the costs of renewal.
SNDA’S IN COMMERCIAL LEASES
Tenants should press for a Subordination and Non-Disturbance Agreement (SNDA) when negotiating their commercial lease, especially in today’s economic climate where foreclosures are more common.
FINANCIAL ANALYSIS INFORMS REAL ESTATE DECISIONS
A thorough financial analysis of direct and indirect costs is necessary to make an informed real estate decision. Reliable financial analysis requires both technical ability and years of experience.