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.
Before negotiating your space for rent, you should know the following about your market:
In addition, it is wise to find out who is moving in and who is moving out. Who is building? How long has the market been in its present condition, and what is the near-term outlook (overall and for the specific neighborhood). These facts will help tenants gauge the reasonableness of their demands when setting their negotiation objectives.
A tenant should enter a negotiation knowing the current terms offered by its landlord’s competitors and the current terms offered by its landlord to other tenants. Successful negotiations require anticipation of the other party’s needs and discovering the other party’s hidden agenda. Effective research goes a long way toward enabling you to determine what might be important to the other party.
Commercial real estate brokers are excellent sources of research information. Tenants facing a potential negotiation should retain an experienced commercial real estate broker who specializes in their market. A qualified broker will provide market intelligence to inform the negotiation strategy.
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 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.
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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