Knowing your office space and your lease agreement are two very important parts to your business. Getting detailed answers shouldn't lead you in a dozen different directions only to find piecemeal answers. Golden Group Real Estate helps our clients eliminate the worry and deals directly with realtors and negotiates your lease on YOUR terms. Even so, Golden Groups want you to have the resources you need to gain a better understanding of your lease, your office, and your new work space.
Class A buildings are the tallest buildings and ones that are usually worth the most. These buildings are typically newer with up-to-date amenities than Class B & C properties. Class B buildings are similar to class A however, they may be missing key features like an updated lobby, elevators or similar amenities that would make them a Class A building. Class C buildings typically have lower rent payments though are not as well maintained and potentially may not be ADA compliant.
The right broker will save you time, money, and headaches. Tenant repbrokers create a competitive bidding environment for your tenancy,winning you the best terms while eliminating the stress of siteselection and negotiation. A good tenant representative preventsdisastrous missteps, cuts down on real estate expenses, and alerts youto economic opportunities.
As you interview perspective brokers, ask the following questions:-Do you specialize in tenant representation? Do you represent landlords?-What property type do you specialize in?
Hire the most experienced tenant representation broker who specializes in your property type and market.Do not hire a broker who represents landlords. When brokers market to both landlords and tenants, there is a conflict of interest, and the tenant’s interest always loses (tenants tend to be the smaller client). A tenant rep broker specialist will be free to negotiate more aggressively on your behalf.
The time required to complete the office relocation start to finish(site selection, lease negotiation, construction, and move) varies depending on the size and complexity of the transaction. Look in your existing lease for option notice dates to be sure you notify your existing landlord in time.In general, the following guidelines apply: tenants occupying 3,000 to 10,000 square feet need 6 to 10 months of lead time; tenants occupying10,000 to 20,000 square feet need 8 to 12 months of lead time; tenants occupying more than 20,000 square feet need at least 24 months of lead time.
Our brokers are all experienced tenant representation specialists,each focusing on a property type and local submarket of Chicagoland.We offer superior market knowledge and aggressive representation freefrom conflicts of interest. Read more about our tenant representationservices, or contact us to find office space.
If your landlord concludes that you are unwilling to leave, then your business will lose money on the renewal negotiation. Even if you prefer to stay at your current location, you should signal to your landlord that you are considering alternative locations. Retain a tenant rep broker, start the negotiation early, and ask your landlord to match competing offers from other landlords. A good tenant representation broker will advance your interests while protecting your relationship with the landlord.
The tenant does not directly compensate his broker. If a transactionoccurs, the landlord pays a commission to the tenant’s broker,arranged through a separate agreement. Often, the landlord pays hisleasing agent a fee and the leasing agent will share that fee with thetenant rep broker. If you do not retain a broker, the landlord paysthe entire fee to his leasing agent.
We can help you answer this question more precisely over the phone or during our first meeting. A general rule of thumb is to lease two hundred to two hundred and fifty square feet per employee.More questions? Contact us at (630) 805-2463 or firstname.lastname@example.org.
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.
Stay informed with all the information you need to know when choosing, or moving your company to a new location.