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.
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. On occasion, however, a business will focus exclusively on the rent at the expense of other important variables. There are other quantitative factors which also impact a business’ office for lease costs, as well as qualitative factors worth serious consideration.
As I discuss in my article on financial analysis (see Perform a Financial Analysis Before You Rent Office Space), a commercial office for lease is a complex financial structure, and there are many factors to consider in determining its true costs to the tenant. In addition to the base rent, tenants should consider the following variables in their site selection:
There are also important qualitative factors to consider in a site selection. In addition to the base rent, tenants should consider the following variables in their site selection:
Businesses should retain a tenant representation commercial real estate broker to help with their site selection. A tenant representation broker will calculate the true costs of each office for lease (the true cost DOES NOT equal rent) and will ensure that important qualitative factors are also considered.
At Golden Group Real Estate, we specialize in tenant representation for office 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 firstname.lastname@example.org, or enter your office space search criteria below.
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