Parking options are an important consideration when searching for office space and negotiating the office lease. Having adequate parking is an essential part of negotiating office space in Chicago’s suburbs as most employees must drive to work because of the lack of public transportation routes.
Ideally, your tenant representation broker should ask questions about your office space use and parking requirements so that you only tour commercial office properties that have enough parking to meet your needs. In the initial discussions with your tenant rep broker, be sure to talk about how you use the office space, how many employees you have, how many clients visit each day, and how many parking spaces you need.
When touring, confirm that the property has enough parking for you as a tenant. Ask about the parking ratio (number of parking spaces available per square foot) and remaining parking capacity. Ask if overflow parking is available or whether the building has short-term visitor parking for clients and others, and inquire about if/how short-term parking is enforced. Be sure to explicitly state your parking requirement, and to make sure that it does not disqualify you as a tenant.
Ask whether parking is open or reserved, and if the reserved spots are part of a general pool for the entire building or whether your company will have specified spaces. The terms for reserved/executive parking, and the cost of such parking, are up for negotiation and will depend on your overall leverage in the lease negotiation. Larger tenants can negotiate better parking arrangements, depending on availability.
Finally, make sure parking terms are spelled out clearly in your lease and don’t simply say that parking is included. Make sure the number of spaces and other considerations listed above are part of the lease document. Businesses should retain a tenant representation commercial real estate broker to negotiate this aspect of the office lease and to guide them through the office relocation or lease renegotiation process.
At Golden Group Real Estate, we specialize in tenant representation real estate services for office space users in the Chicago area, helping local business owners find office space and negotiate lease and purchase agreements. We never represent landlords, so we are prepared to negotiate aggressively on behalf of our tenant clients.
For more on Golden Group Real Estate, read about our real estate services. Let us know if we can help you find office space for rent or buildings for sale. Call us at (630) 805-2463, email us at email@example.com, or enter your office space search criteria below.
June 19, 2019
The RENT blog gives you the resources and tools you need to make the best decisions regarding your real estate needs. We cover a broad range of subjects regarding office space, tenant needs and what to look for when investing in property.
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