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Why your business needs tenant representation when looking for an office

Why your business needs tenant representation when looking for an office

Finding an office for your business can often be challenging with so many different factors to be considered. Everything from the cost of the location, the lease agreement, the size of the office and the ability to fit it out to suit your businesses needs are things that must be taken into account.

For many businesses, finding an office space is not necessarily within their skillset and they need to have an adequate team on board that can help them find a space that is suitable. When it comes to this, you want to make sure that there is someone there to protect your interests to ensure you do not get ripped off and achieve a fair contract.

Having tenant representation is certainly good first step in this area. Tenant representation is there to ensure that you as the leasing party receive a fair deal and know the limits of the agreement. Their aim is to provide the best advice when it comes to the negotiation, selection and any required construction of an office space.

There are a number of areas that these tenant representation teams are able to help with and advise on;

New premises search and evaluation

This is ideal for businesses looking to find a new location for their business whether it is a result of expansion or just a more contemporary and convenient location for the business. The tenant representation team is able to provide recommendations on spaces and locations that are going to be suitable for the business and notify you of anything to be wary about.

Leasing negotiation and re-negotiation

After a suitable space has been found, the lease negotiation is an important step to reaching the ideal outcome for your business. Finances and flexibility of fit out, duration of contract and adjustments all need to be considered.

The tenant representation team will be able to advise and aid in reaching the best outcome for your business. Additionally, when it comes to re-negotiating the lease, they may be able to improve the agreement with particular incentives or increase flexibility due to a longer-term relationship.

Market research

The market research skills of your tenant representation team will beneficial in the overall negotiations and finding of a suitable office space due to their understanding of the overall market and having the experience within the industry. A deeper understanding of what is available, fair and best for your business is helpful in reaching the best outcome.

Financial analysis

This element of the tenant representation team may be one of the most crucial. Understand the cost structure of the lease and also the output improvement that various adjustments and changes will make is extremely important for the success of your business.

They are able to advise on fit out, construction and the benefits of various features when compared to other spaces without the features that may incur a different financial burden.

Fit out management

Once you have settled on a location and the lease has been finalised, knowing how you want to fit out the space is important. There are financial and operational factors to consider and the tenant representation team are able to help you in all these aspects.

It can be costly to fit out a new space and there is also the restrictions placed by the owner of the space on what can and can’t be done when it comes to construction and changes to the layout of the space. Having a dedication tenant representation team by your side will ensure that there is no breach of the contract and you get the most out of your office design.

 

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