For the last 4+ years I have taught a seminar called Demystifying the Commercial Leasing Process. What used to surprise me was how many people showed up each time I would teach it-anywhere from 25 to 60 people came wanted to have the mystery removed for them. The attendees included property owners wanting to understand better how to lease their buildings, small business owners looking to make a move or new business owners starting the process for the very first time. Regardless, they were all wanting to be educated and over the course of a 3 hour seminar I hoped I gave them some knowledge.
Timing the transaction is everything if you are the tenant or the landlord. Both need to begin the process early. If you are a tenant, 4-8 months before your move date is ideal and that same timing applies to the Landlord to list a space that is coming available. By planning well in advance, time will be your ally and not your enemy.I realize this seems extensive but you NEVER want to feel under the gun while you are looking and negotiating.
Step 1- Define Your Requirements
Simply you need to define your requirements in advance. By doing this you will save time and avoid starting in the wrong direction. The most effective way of doing this is by committing the requirements to paper so that nothing is overlooked.
•What
geographic area(s) is important to you?
•What
particular buildings interest you?
•Does your type of business have specific space configuration needs?
•How
many square feet will be leased?
•How
many people will be employed at this location?
•What
is your annual budget?
•What
length of lease is preferable?
•Is
future expansion important?
•When
does your company intend to move?
•When
does your existing lease expire?
•What
are your parking and transportation needs?
•Do
your clients visit often?
•What
kind of image would you like to establish?Once we have a clear idea of what we are looking for you we can move on to Step 2...Locate Suitable Properties. But you will need to wait until the next blog entry to see what that looks like.