office lease checklist part 1, Office lease questions, office lease renewals

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.

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.

Relationship-Based Sales

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.

Systematic Sales

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.

Golden Group Real Estate Podcast Internet Marketing Alex Jacobs

In this episode Troy Golden talks to Alex Jacobs about Websites, marketing and promoting your business

Starting a Career in Commercial Real Estate

How to start a career in commercial real estate.

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.

Commercial Office Lease Review: Demised Premises

Your commercial office lease should contain a section which describes in detail the premises conveyed in your leasehold interest.

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.

Golden Group Real Estate Sponsors Governor Bruce Rauner & Congressman Peter Roskam Town Hall

Golden Group Real Estate Sponsors Governor Bruce Rauner & Congressman Peter Roskam Town Hall

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.

Q2 ’16 Chicago Office Space Market Summary: Part 2

This second article installment reviews Q2 ’16 large office lease signings, office sales activity, and new office construction in the Chicagoland office market.

What are the Pros and Cons of a Sale Leaseback?

Sale leasebacks occur when a business sells a building it both owns and occupies while entering into a long-term lease agreement with the purchaser of the building.

Tenant Improvement Allowance vs. Turnkey Buildout

One of the most important issues in a lease negotiation is the financing of tenant improvements by the landlord. Tenant improvement financing is usually provided in one of two ways.

Things to Consider Before Leasing Creative or Loft Office Space

It’s no secret that a lot goes into the creation of a thriving creative workspace. Up-to-date technology, ample open space for employee collaboration, and proximity to amenities are often considered critical for any business...

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.

Ten Commercial Real Estate Profiles to Connect With on Linkedin

Linkedin is an excellent tool to connect with top commercial real estate professionals. Below is a brief list of quality professionals to connect with on linkedin.

Six Point Checklist for Negotiating an Office Lease Termination Option

No one likes to think of negative outcomes for their business, but the fact is they happen. So why not reduce your possible costs ahead of time by using this checklist for negotiating an office lease termination option.

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.

Consider Your Parking Options When Choosing Commercial Office Space

Parking options are an important consideration when searching for office space and negotiating the office lease.

Office Move Checklist: Preparing to Move Your Office After the New Lease is Signed

You have found that wonderful new office space. It’s easy to reach for both employees and clients, plus there’s plenty of parking on site. Now it’s time to move. What could go wrong?

Watch My Tutorial on Relationship Sales

Watch our tutorial on relationship sales

RENTS CLIMB IN LOCAL CLASS A OFFICE IN Q2 2015

The Western suburban office market remains a tenant’s market, but office rents are increasing in Class A properties.

Perform a Financial Analysis Before You Rent Office Space

When planning an office space move, a tenant should have his have tenant representation commercial real estate broker perform a financial analysis of alternative locations.

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.

10 Awesome Commercial Real Estate Bloggers

When the market is changing constantly, it’s important to stay current by reading quality real estate blogs.

Eight Considerations for Your Medical Office Space Search

A successful medical practice requires a great medical office space & location. Your location must be accessible to patients, allow you to establish and expand your services, meet your budget, and satisfy you personally.

5 Medical Office Design Ideas to Improve the Patient’s Experience

Poor office design means a poor experience for your patients. The medical office space design tips below will improve your patient customer satisfaction.

How to Reduce Your Law Firm’s Office Space Costs

If you are feeling the pinch of rising office space rent, and want 3 ways to reduce overhead costs at your law office,

Doctor’s Guide to Finding Medical Office Space For Rent

One of the most important factors when it comes to determining a business’s success is its location, and that’s especially true for medical practitioners who are setting up an office space.

THE QUALITIES OF A GREAT COMMERCIAL REAL ESTATE BROKER, INSPIRED BY ELIA KAZAN

In the autumn of 1973, Elia Kazan, director of such classic films as Gentleman’s Agreement, A Streetcar Named Desire and On the Waterfront, was honored by a two week retrospective of his films at Wesleyan University.

BUILD-OUT COSTS AND RENTABLE SQUARE FEET ARE NOT THE ONLY FACTORS TO CONSIDER IN YOUR OFFICE FLOOR PLAN

Real estate is usually the second or third largest expense item for companies. Logically, then, many businesses choose a floor plan that minimizes costs by limiting build out costs and rentable square feet.

HANDY TRICKS FOR FINDING CONTACT INFORMATION

Accurate data are the foundation of effective marketing, and it is particularly important (and challenging) to maintain accurate contact information.

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.

HOW MUCH OFFICE SPACE DO I NEED?

A few of my handy “Rules of Thumb” can help office space tenants estimate the square feet they need for their office location.

HOW TO CHOOSE THE RIGHT COMMERCIAL REAL ESTATE BROKER FOR YOUR OFFICE RELOCATION

When businesses retain a tenant representation commercial real estate broker, they are buying that professional’s time, knowledge, and commitment

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.

RESEARCH THE LANDLORD BEFORE YOU SIGN YOUR OFFICE LEASE

Business owners should research their prospective landlord before they sign an office lease. Before entering a long term contract, office tenants should learn about the financial health of the landlord and his property.

MAKE SURE YOUR NEW OFFICE MEETS THE SPECIAL REQUIREMENTS OF YOUR BUSINESS

Some businesses have special office requirements that can make or break a real estate deal.

STILL A TENANT’S MARKET, BUT OFFICE RENTS ARE INCREASING

In the western suburbs of Chicago, office tenants still call the shots. However, there are signs that these good times are coming to an end.

TEN TIPS FOR OFFICE TENANTS IN A LEASE RENEWAL NEGOTIATION

Office tenants face an inherent disadvantage in the lease renewal negotiation, and they usually lose money when renewing their office lease unless the tenant retains a qualified, experienced tenant representation broker.

GROW YOUR BUSINESS BY STARTING A NETWORKING GROUP

I started a networking group about two and a half years ago, Greater Oak Brook Business Leaders. The group started small, but over time it has grown into 1,000 members.

DESIGNATE A MOVING COORDINATOR TO SUPERVISE YOUR OFFICE RELOCATION

The best way to ensure that your office relocation is well planned and well executed is to designate a moving coordinator to supervise your office relocation.

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.

5 RULES WHEN FOR CHOOSING A MOVING COMPANY FOR YOUR OFFICE RELOCATION

Too often, businesses hire a moving company that is not qualified to help with their office relocation. Commercial office moves are a specialized service.

ROBUST & ACCURATE DATA ARE ESSENTIAL FOR EFFECTIVE MARKETING

To effectively reach and persuade a prospective client, it is necessary (but not sufficient) to first determine several facts:

COMMERCIAL REAL ESTATE RECOVERY CONTINUES IN THE WESTERN SUBURBS

Although we are still in a ‘tenant’s market’, the local commercial real estate recovery has advanced significantly since the peak of the recession. Since the end of 2010, the Western suburbs absorbed over 1.7 million square feet of vacant space.

5 GOLDEN RULES FOR EFFECTIVE EMAIL MARKETING

Email marketing is part art, part science. I acquired my education on email marketing throughout my career as a commercial real estate broker.

Subleasing Cheap Office Space 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.

EVALUATE YOUR OFFICE SPACE COSTS TO IMPROVE THE BOTTOM LINE

Though it is hard to escape the contractual obligations of a commercial lease, there are ways to mitigate the cost of unused office space.

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.

WHY SHOULD I RETAIN A BROKER TO NEGOTIATE MY OFFICE RENTAL?

Nobody knows your business better than you. However, selecting space and negotiating the office rental lease are complex, time-consuming tasks, filled with potential pitfalls.

REVIEW ALL EXISTING SERVICE CONTRACTS WHEN PURCHASING COMMERCIAL REAL ESTATE

The purpose of the due diligence process is to discover the potential problems with a property, reveal any hidden profit potential, and to verify all information you have obtained.

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.

Research the Market Before Choosing Your Office Space for Rent

Tenants should research the local market before choosing office space for rent. This step will do more to help you determine the priority of your bargaining points than you can imagine, yet it is often overlooked.

Rent office space? Cost Saving Tips When Leasing Office Space

If you rent office space, then real estate related costs are probably your second or third largest expense. Lowering office space costs will significantly impact a firm’s profitability.

MINIMIZE YOUR RISK: KNOW YOUR BUSINESS INTERRUPTION CRE LEASE CLAUSE

Businesses must protect themselves from risks that can bring operations to a halt. Inoperable or faulty building equipment may terminate essential building services.

Looking for Office Space for Lease? Avoid these Common Mistakes.

Leasing office space is a complex process, involving a significant financial commitment. Tenants should retain a trusted real estate adviser when searching for office space for lease to ensure that they avoid some common mistakes.

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.

HOW DO I NEGOTIATE THE TENANT IMPROVEMENT ALLOWANCE?

A “tenant improvement allowance” is money provided directly or indirectly by the landlord to build-out the office space so that it meets the needs of the tenant.

RENTABLE SQUARE FEET VS. USEABLE SQUARE FEET

Commercial office rents are based on rentable square feet, not useable square feet, so it is important for tenants to know the difference.

WHAT’S THE DIFFERENCE BETWEEN CLASS A, CLASS B, AND CLASS C OFFICE SPACE?

Office buildings are generally classified into one of three categories: Class A, Class B, or Class C. Standards vary by market, and each category is defined in relation to its counterparts.

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.

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To schedule a free consultation at our offices in Lombard call us at (630) 805-2463 or email us at troy@goldengroupcre.com to schedule a time to to talk about your real estate needs.

Our tenant and buyer representation real estate services are 100% free to our clients.  We are active commercial real estate brokers and work with all Oak Brook, Naperville, Downers Grove, Lisle, and Dupage County office buildings.  Golden Group Real Estate will show you both listed and unlisted investment properties.

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